A bill to provide that a charitable contribution deduction shall be allowed for that portion of the cost breast cancer research stamp which is in excess of the cost of a regular first-class stamp.
Latest action (30 Jul 1998): Introduced
What this bill does
S. 2386 would amend federal tax law to allow taxpayers to claim a charitable contribution deduction for part of the cost of a breast cancer research stamp sold by the United States Postal Service. Specifically, the deduction would cover the difference between the stamp's purchase price and the regular first-class postage rate at the time of purchase, since that extra amount funds breast cancer research. This treatment would apply to tax years beginning after December 31, 1997.
The bill would affect individual taxpayers who buy the breast cancer research semipostal stamp and choose to itemize deductions on their federal income tax returns. It would also indirectly relate to the U.S. Postal Service, which issues the stamp under existing authority in title 39 of the U.S. Code, and to programs receiving proceeds from stamp sales for breast cancer research.
The bill was introduced in the Senate on July 30, 1998, by Senator Lauch Faircloth, with Senator Dianne Feinstein as a cosponsor, during the second session of the 105th Congress. It was referred to the Senate Committee on Finance. According to available records, the bill did not receive a vote and did not advance further before the end of that Congress, meaning it did not become law.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
This bill was introduced on July 30, 1998, in a previous session of Congress, but it did not receive a vote.
Common questions
- What does S. 2386 do?
- S. 2386 would amend federal tax law to allow taxpayers to claim a charitable contribution deduction for part of the cost of a breast cancer research stamp sold by the United States Postal Service. Specifically, the deduction would cover the difference between the stamp's purchase price and the regular first-class postage rate at the time of purchase, since that extra amount funds breast cancer research. This treatment would apply to tax years beginning after December 31, 1997. The bill would affect individual taxpayers who buy the breast cancer research semipostal stamp and choose to itemize deductions on their federal income tax returns. It would also indirectly relate to the U.S. Postal Service, which issues the stamp under existing authority in title 39 of the U.S. Code, and to programs receiving proceeds from stamp sales for breast cancer research. The bill was introduced in the Senate on July 30, 1998, by Senator Lauch Faircloth, with Senator Dianne Feinstein as a cosponsor, during the second session of the 105th Congress. It was referred to the Senate Committee on Finance. According to available records, the bill did not receive a vote and did not advance further before the end of that Congress, meaning it did not become law.
- Has S. 2386 become law?
- Not yet. As of 30 Jul 1998, S. 2386 is introduced.
- Who sponsored S. 2386?
- S. 2386 was sponsored by Sen. Duncan “Lauch” Faircloth [R-NC, 1993-1998] (Republican-NC), with 1 cosponsor.
- What's the latest action on S. 2386?
- Introduced (30 Jul 1998).
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