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Advocacy Blog
Thursday, February 09, 2006
President's Budget Includes Charitable Incentives
President Bush, in his FY07 budget proposal released on Monday, asked for $7.65 billion over ten years in tax incentives for charitable giving.
The incentives include an IRA charitable rollover proposal.
The President’s IRA rollover proposal would allow people over the age of 65 to donate money from qualifying individual retirement accounts to charity without penalty. This differs from the IRA rollover provision included in S. 2020 — a person must be age 70 ½ to take advantage of the Senate-passed provision.
As for charitable reform, the President’s budget calls for the imposition of penalties on charities that fail to enforce conservation easements. There are no other charitable reform provisions affecting foundations in the FY07 budget.
Posted by Jennifer Lowe
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