UNLIMITED DEDUCTION FOR CHARITABLE CONTRIBUTIONS BY INDIVIDUALS.

SEC. 10. UNLIMITED DEDUCTION FOR CHARITABLE CONTRIBUTIONS BY INDIVIDUALS. (a) Unlimited Deduction for Certain Individuals.—Section 170 (b) (1) (C) (relating to unlimited charitable deduction for certain individuals) is amended by adding at the end thereof the following new sentence: “In lieu of the amount of income tax paid during any such year, there may be substituted for that year the amount of income tax paid in respect of such year, provided that any amount so included in the year in respect of which payment was made shall not be included in any other year.” (b) Effective Date.—The amendment made by subsection (a) shall apply with respect to taxable years beginning after December 31, 1957.