Thanks and Call to Action: Tax Extenders
From Marissa Manlove and Jack Cole:
We have learned that a broad tax extenders bill has been released that includes permanence and enhancements for charitable provisions. Following a late-night House Republican conference meeting, House Ways And Means Chair Kevin Brady (R-TX), Senate Finance Committee Chair Orrin Hatch (R-UT), and Senate Finance Committee Ranking Member Ron Wyden (D-OR) jointly announced a deal on a broad tax extenders package which would make a number of provisions, including the three charitable giving incentives, permanent. Further, the provisions relating to donations of land conservation easements and excess food inventory would both be enhanced and expanded.
If enacted by Congress, this will be a great win for community foundations – as you will note, the committee is proposing to make the IRA Charitable Rollover permanent! We want to thank everyone who has reached out to their members of Congress encouraging them to support this provision!
Note: Congress will adjourn later this week, but both the House and Senate must vote on this bill before these provisions can become law and be made available to donors. Leaders in the House and Senate need to hear from you today to understand how important these provisions are to charitable organizations like yours.
Below is a link to the committee recommendations (Part Two, Section 112) specifically addressing the IRA Rollover provision:
https://rules.house.gov/sites/republicans.rules.house.gov/files/114/PDF/114-SAHR2029Ex-SxS.pdf
While the current bill (the Protecting Americans from Tax Hikes or PATH Act) enjoys support from both Democrats and Republicans in the Senate, and from Republicans in the House, support from House Democrats is less certain. The process for floor consideration is yet to be announced, but previous indications had been that the House might vote separately on the extenders package and the omnibus bill, which was also released last night, and then package the two together to speed consideration in the Senate.