A Major Victory for Charities in Congress
By Sarah Ford on July 17, 2014
The charitable and philanthropic sector achieved an amazing victory today with the House approving legislation (H.R. 4719) that would significantly increase charitable giving in the United States. Independent Sector played a leading role in mobilizing and advocating for our sector. America's Charities is proud to have been supportive of their work and advocacy as it will have a significant impact on our member charities moving forward.
The legislation makes permanent three temporary – and currently expired – provisions in the tax code that encourage charitable giving by both individuals and businesses: an enhanced tax deduction for donating food inventory, an enhanced tax deduction for donating land conservation easements, and the IRA charitable rollover. The legislation also would extend the deadline through April 15 for making charitable contributions and streamline the excise tax on foundation investment income.