Charitable contributions Legislation - Federal Government

National Science Education Tax Incentive for Businesses Act of 2007 - Amends the Internal Revenue Code to allow a general business tax credit for contributions of property or services to elementary and secondary schools and for teacher training to promote instruction in science, technology, engineering, or mathematics (STEM contributions).

Commends Wilfred George Gooden for his distinguished career of service, humanitarian efforts, and philanthropy dedicated to assisting the people of Jamaica and the United States.

Religious Freedom Act of 2007 - Prohibits denial of: (1) a federal tax exemption under the Internal Revenue Code to any church, synagogue, mosque, temple, or other house of worship or meditation (including any affiliated organization) because it engages in activity protected by the U.S. Constitution, including comment on public issues, election contests, and pending legislation made in a theological or philosophical context; or (2) the tax deductibility of donor contributions to such organizations.

Art and Collectibles Capital Gains Tax Treatment Parity Act - Amends the Internal Revenue Code to: (1) eliminate the 28-percent capital gains tax rate for collectibles, thus allowing gain from the sale of collectibles (including art works) to be taxed at the 15-percent tax rate applicable to other investment property; (2) allow the creator of a literary, musical, artistic, or scholarly property a fair market value tax deduction for the donation of such property to a tax-exempt organization, if properly appraised and donated no sooner than 18 months after its creation.

Amends the Internal Revenue to provide that volunteers who use their automobiles for the benefit of a charitable organization may exclude from their gross income reimbursements for their automobile operating expenses at the same level as business employees (i.e., 48.5 cents per mile in 2007).

Increases criminal sanctions and monetary penalties for: (1) underpayments or overpayments of tax due to fraud; (2) attempts to evade or defeat tax; (3) willful failure to file tax returns, supply information, or pay tax; and (4) fraud and false statements.

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Authorizes a Senator, officer, or employee of the Senate to: (1) collect from another such individual, within Senate buildings, nonmonetary donations to be sent to U.S. military personnel on active duty overseas participating in or in support of Operation Iraqi Freedom, Operation Enduring Freedom, and the war on terrorism; and (2) work with a nonprofit organization with respect to the delivery of such donations.

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Designates Thursday, November 15, 2007, as Feed America Thursday.

Calls upon the people of the United States to sacrifice two meals on Thursday, November 15, 2007, and to donate the money that they would have spent on food to a religious or charitable organization for the purpose of feeding the hungry.

Leadership PAC Reform Act of 2007 - Amends the Federal Election Campaign Act of 1971 (FECA) to allow the funds of a leadership PAC to be used: (1) for otherwise authorized expenditures in connection with campaigns for election for federal office; (2) for charitable contributions; or (3) for transfers to a national, state, or local committee of a political party (subject to FECA limitations).

Defines leadership PAC as a political committee which is: (1) directly or indirectly established, maintained, or controlled by a candidate for election for federal office or an individual holding federal office; but (2) is not an authorized committee of the candidate or individual. Excludes from the meaning of leadership PAC any political committee of a political party

Amends the Internal Revenue Code to make permanent the tax deduction for charitable contributions by individuals and corporations of real property interests for conservation purposes.

Giving Incentives to Volunteers Everywhere Act of 2008 or the GIVE Act of 2008 - Amends the Internal Revenue Code to: (1) increase the standard mileage rate for use of a passenger automobile for charitable purposes to 70% of the current rate for business usage; and (2) exclude from the gross income of charitable volunteers reimbursements paid to them for the use of a passenger automobile for the benefit of a charitable organization.

Amends the Internal Revenue Code to increase the standard mileage rate for the tax deduction for the charitable use of passenger automobiles from 14 cents per mile to the standard mileage rate prescribed by the Secretary of the Treasury for business purposes (50.5 cents per mile for January 1 through June 30, 2008, and 58.5 cents per mile for July 1 through December 31, 2008).

Fair Deal for Volunteers Act of 2008 - Amends the Internal Revenue Code to provide that the standard mileage rate for the tax deduction for use of a passenger automobile for charitable purposes (currently prescribed as 14 cents per mile) shall be determined by the Secretary of the Treasury.

S Corporation Modernization Act of 2008 - Amends the Internal Revenue Code to revise the tax treatment of S corporations by: (1) reducing from 10 to seven years the period during which S corporation built-in gains are subject to tax; (2) repealing mandatory termination of S corporation elections for excessive passive investment income; (3) allowing S corporations to increase passive investment income from 25 to 60% without incurring additional tax; (4) allowing nonresident aliens to be potential current beneficiaries of an electing small business trust (ESBT); (5) allowing individual retirement accounts (IRAs) to be S corporation shareholders; and (6) allowing ESBTs to claim expanded charitable tax deductions.

Recognizes the 100th anniversary of the founding of the Congressional Club.

Acknowledges the contributions of political spouses to public life in the United States and around the world through the Congressional Club for the past 100 years.

Honors the Club's past and present membership.

Encourages the people of the United States to strive for greater friendship, civility, and generosity in order to heighten public service, elevate the culture, and enrich humanity, to seek opportunities to give financially, and to volunteer to assist charitable organizations in their own communities.