1. Short title This Act may be cited as the Preserving Charitable Incentives Act . 2. Incentives to make charitable contributions of certain inventory (a) Temporary increase in limitation on qualified contributions (1) Suspension of current limitation Except as otherwise provided in paragraph (2), qualified contributions shall be disregarded in applying subsections (b)(2), (d), and (e)(3)(C)(ii) of section 170 of the Internal Revenue Code of 1986. (2) Application of increased limitation For purposes of section 170 of the Internal Revenue Code of 1986— (A) Limitation Any qualified contribution shall be allowed as a deduction only to the extent that the aggregate of such contributions does not exceed the excess of the taxpayer’s taxable income (as determined under paragraph (2) of section 170(b) of such Code) over the amount of all other charitable contributions allowed under such paragraph. (B) Carryover If the aggregate amount of qualified contributions made in the contribution year (within the meaning of section 170(d)(2) of such Code) exceeds the limitation of subparagraph (A), such excess shall be appropriately taken into account under section 170(b)(2) of such Code subject to the limitations thereof. (C) Carryover of food inventory contributions If the aggregate amount of qualified contributions described in section 170(e)(3)(C)(i) of such Code made in such contribution year exceeds the limitation of subparagraph (A), such excess shall be appropriately taken into account under section 170(e)(3)(C)(iii) of such Code subject to the limitations thereof, and the application of subparagraph (B) shall be adjusted accordingly. (3) Qualified contributions For purposes of this subsection, the term qualified contribution means any qualified contribution (as defined in section 170(e)(3)(A) of the Internal Revenue Code of 1986) which— (A) is made during a taxable year of the corporation which begins during 2020 or 2021, and (B) does not consist of any drug or biological product that requires a prescription of a