House passes crucial charitable giving provisions
We received great news from charitable giving from Washington yesterday as the US House voted 277-130 to pass the America Gives More Act, a package to ensure charitable giving is protected and encouraged nationwide. Many of you signed onto the letter sent from our national legislative partner Independent Sector to encourage Congress to help protect these crucial provisions, and they have heeded your call.
From Independent Sector President and CEO Diana Aviv:
"The legislation makes permanent three temporary – and currently expired – provisions in the tax code that encourage charitable giving by both individuals and businesses: an enhanced tax deduction for donating food inventory, an enhanced tax deduction for donating land conservation easements, and the IRA charitable rollover. The legislation also would extend the deadline through April 15 for making charitable contributions and streamline the excise tax on foundation investment income.
"Independent Sector has long worked to secure permanent enactment of these important giving incentives, which would end the ambiguity and uncertainty caused by repeated lapses and subsequent reinstatements that have made it extremely difficult for donors and financial advisors to develop charitable giving plans, impeding the transfer of gifts to charitable organizations."
Click here to learn more about the provisions and to see how each representative voted.
Tom Zimmerman is communications manager at the Georgia Center for Nonprofits and the editor of NOW Blog.