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Advocacy Blog
Friday, March 23, 2007
Bill Would Extend IRA Giving Provision
Senator Byron Dorgen (D-ND) and Representative Earl Pomeroy (D-ND) have introduced companion legislation, the Public Good IRA Rollover Act (S.819 and HR1419). This would permanently extend a tax break passed as a part of the Pension Protection Act of 2006 that allows older Americans to donate money directly from their Individual Retirement Accounts (IRA). The provision passed last year would expire January 1, 2008. A recent article in Forbes discusses how there is seemingly large support for the measure from the charitable sector.
Charities are already lobbying Congress to expand and make permanent a temporary tax break that allows older folks to donate money directly from their Individual Retirement Accounts. . . . The proposed law would remove the $100,000 limit, allow contributions to all charities--including donor-advised funds, supporting organizations and private non-operating foundations--and allow donors age 59 1/2 and older to use the provision to fund lifetime gifts such as charitable gift annuities.
Posted by Amanda Adams
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