"This bill allows Americans and others to make generous cash contributions to the charities of their choice; and at the same time, it allows them not to have to wait until next year to be able to deduct these as charitable contributions," said Ways and Means Chairman Charles Rangel (D-NY) prior to House passage of his bill (H.R. 4462) on Wednesday.

Meanwhile, Senate Finance Chairman Max Baucus (D-MT) introduced a companion bill he has dubbed the Haiti Assistance Income Tax Incentive Act, or HAITI Act (S. 2936).

"This is simple legislation that would make a big impact," Baucus said on Wednesday. "Frankly, most Americans want to contribute anyway," he added.

In early 2005, Congress quickly moved similar legislation for individuals that made charitable contributions to victims of the Indian Ocean tsunami that occurred in late December of 2004. That bill passed the House and Senate without objection, and was signed into law on Jan. 7, 2005 (P.L. 109-1). The Haiti measure is expected follow the same path and reach President Obama's desk by week's end.