Bush Tax Bill Limits Deductions: "Recent tax legislation passed in the House and Senate will limit the value of in-kind charitable donations, the Foundation Center reported Oct. 13.
If signed into law by President Bush, the bill will impose greater restrictions on the deductions that can be claimed from donated cars and others vehicles, in order to stymie what the chairman of the Senate Finance Committee, Sen. Charles Grassley (R-IA), called 'a real problem with some taxpayers vastly overestimating the value of their cars and taking charitable deductions they haven't earned.'"
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