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Tax Advocacy for Remaining Days of Congress

Posted By Adam Donaldson, Tuesday, November 25, 2014

Nonprofit and foundation advocates continue outreach to Members of Congress to include the provisions of the America Gives More Act, H.R.4719, in any tax bill that Congress will consider before the end of this year. America Gives More Act previously passed the House of Representatives. The most likely scenario for these polices to move forward is within general budget or tax legislation. The provisions sought are to:

  1. Permanently extend the IRA charitable rollover.
  2. Allow individuals to claim a charitable deduction for contributions made up to the date their income tax return is due (April 15).
  3. Eliminate the upper tier excise tax and reduce the excise tax on investment income of private foundations from two to one percent.
  4. Make permanent the enhanced deduction for property donated for conservation easements.
  5. Make permanent the enhanced charitable deductions for food inventory.

ABAG’s national network, The Forum of Regional Associations of Grantmakers, joined the National Council of Nonprofits, Independent Sector, Feeding America, Land Trust Alliance, and Council on Foundations in sending an advocacy letter and meeting with the House and Senate leadership.

Click here to reach the letter from these nonprofit and philanthropic leaders.

Tags:  America Gives More Act  iexcise-tax  IRA 

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Adam Donaldson says...
Posted Thursday, December 18, 2014
The House and Senate have both passed H.R. 5771, extending retroactively for 2014 only the IRA charitable rollover (and enhanced deductions for conservation easement and food inventory donations). The bill has not yet been signed by the President, but every indication is that it will be signed into law. Other legislative efforts outlined above were not successful this Congress.
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