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Advocacy Blog
Tuesday, August 09, 2005
Action on Charitable Giving Legislation Coming
The Senate Finance Committee plans to act on a package of charitable giving tax incentives soon.
The committee hopes to mark up the CARE Act in September. The proposal, contained in Title III of S. 6, the Marriage, Opportunity, Relief, and Empowerment Act of 2005, includes several charitable giving incentives, including a charitable deduction for nonitemizers and tax-free distributions to charities from individual retirement accounts. There also are provisions to improve the oversight of exempt organizations, including more money for IRS oversight operations and making more IRS determination letters available to the public.
Finance also is working on several charitable reform proposals and probably will introduce them in September, according to a staffer. Areas the legislation will address include donor-advised fund reform, supporting organization reform, and self-dealing, he said. He added that the committee is still considering many reform proposals, including some not included in the more than 120 recommendations made by the Panel on the Nonprofit Sector on June 22.
Posted by Jennifer Lowe
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