Legislation pending before the U.S. House of Representatives aims to boost charitable giving.
The legislation includes
- A return of the ability of those 70 1/2 or older to donate tax-free from their IRAs.
- A new ability to take a charitable deduction for a calendar year if you make the donation by the following April 15.
- An easing of foundation taxes and a boost for food and conservation giving.
Tax-free IRA donations most recently expired on December 31, 2013.
Read more about how the legislation would boost charitable giving in The Chronicle of Philanthropy’s report.
Update: On July 17, 2014, the House of Representatives passed H.R. 4719 by a 277 to 130 vote. Called the “America Gives More Act of 2014” the bill now moves on to the Senate. President Obama has indicated he opposes the legislation as now written.