250 Organizations Join Independent Sector in Urging Lawmakers to Protect Important Giving Incentives
By Sarah Ford on May 28, 2014
Source: Independent Sector
A number of critical giving incentives that are often included as part of the annual "tax extenders" package were extended in January 2012 for two years, retroactive to 2012 and through 2013. Without legislative action, however, these extenders expired January 1, 2014. Charitable giving incentives include:
- IRA charitable rollover
- Enhanced charitable deduction for food inventory
- Enhanced charitable deduction for land conservation
As Congress moves forward with comprehensive tax reform and considers the reinstatement of provisions in the annual tax extenders package, America's Charities and over 250 organizations have signed onto a letter organized by Independent Sector, urging lawmakers on the House Ways and Means Committee to protect these important giving incentives by making all three charitable tax extenders permanent.
The Ways and Means Committee is expected to markup a series of bills on Thursday, May 29, 2014, including the permanent reinstatement of the three charitable tax extenders. The Committee also plans to mark up bills simplifying the excise tax on private foundation income and extending until April 15th the deadline for making a charitable contribution to claim on the prior year's tax return.
Independent Sector has been following these issues closely and will continue to work closely with their contacts in offices of Ways and Means committee members. For more information and to view Independent Sector's updates regarding these issues, click here.