CHARITABLE CONTRIBUTION CARRYOVER FOR CORPORATIONS.

SEC. 11. CHARITABLE CONTRIBUTION CARRYOVER FOR CORPORATIONS. Section 170 (b) (relating to limitations on charitable contribution deduction) is amended by adding at the end thereof the following new paragraph: “(3) Special rule for corporations having net operating loss carryovers.— In applying the second sentence of paragraph (2) of this subsection, the excess of— “(A) the contributions made by a corporation in a taxable year to which this section applies, over “(B) the amount deductible in such year under the limitation in the first sentence of such paragraph (2), shall be reduced to the extent that such excess reduces taxable income (as computed for purposes of the second sentence of section 172 (b) (2)) and increases a net operating loss carryover under section 172 to a succeeding taxable year.”