The Joint Committee on Taxation has published a list of expiring tax provisions for 2011 through 2012. Charitable provisions that expired on December 31, 2011 include enhanced charitable deductions for contributions of food inventory, book inventories to public...
The American Council on Gift Annuities has issued a Statement for the Record of the Senate Finance Committee’s 10/18/11 hearing: Tax Reform Options — Incentives for Charitable Giving. Prepared by attorney Conrad Teitell, the statement focuses on and...
According to a November 9 Democratic analysis, a proposal submitted by "Super Committee" member Sen. Patrick J. Toomey, R-Pa., would reduce itemized deductions, including the charitable deduction by 75-percent, and would cut personal exemptions,...
Rumors are circulating that the bipartisan joint select committee on deficit reduction (the “Super Committee”) is considering a recommendation that would decrease the federal gift tax exclusion from its current $5 million to $1 million with an...
In a letter to Treasury Secretary Timothy Geithner and IRS Commissioner Douglas Shulman, Senate Finance Committee member Charles Grassley, R-Iowa, has requested that Treasury complete its study on what he believes to be an exploitive tax loophole...
In testimony before an October 18 Senate Finance Committee hearing on Tax Reform Options: Incentives for Charitable Giving, Urban Institute Fellow C. Eugene Steuerle stated that improved tax compliance measures coupled with "allowing...
In testimony at an October 18 Senate Finance Committee hearing, Independent Sector President Diana Aviv stated, "Now is the time to increase charitable giving, not inhibit the incentives that have helped strengthen our communities since 1917. Otherwise,...
Rep. James P. McGovern, D-Mass., has introduced H.R. 3177, the Hunger Relief Trucking Tax Credit Act, that would provide a tax credit for the transportation of food for charitable purposes.
The Joint Committee on Taxation has issued a report that contains an overview of present law related to the Federal treatment of charitable contributions and a discussion of economic issues related to the Federal tax incentives for charitable giving for an October...
Senate Finance Committee Chairman Max Baucus (D-Mont.) will convene a hearing on Tuesday to consider how tax reform can efficiently stimulate charitable giving. The hearing, titled "Tax Reform Options: Incentives for Charitable Giving," will take place at...
The Congressional Research Service released on September 19 an update to Reducing the Budget Deficit: Tax Policy Options . This report analyzes various revenue options for deficit reduction, highlighting proposals made by the President's Fiscal...
House Ways and Means Committee member Aaron Schock, R-Ill., has introduced legislation that if enacted would increase the limitation on the amount of charitable contributions of ordinary income property taken into account in determining the charitable...
A bipartisan group of six senators has released a summary of a plan consistent with the recommendations of the Bowles-Simpson fiscal commission that will reduce the nation's deficits by $3.7 trillion/$3.6 trillion over ten years under CBO's March...
House Ways and Means Committee member Jim Gerlach, R-Pa, has introduced H.R. 1964, the Conservation Easement Incentive Act of 2011. If enacted the bill would make permanent the special rule for contributions of qualified conservation contributions under...
Sen. John Ensign (R-NV) has introduced S. 110 that if enacted would modify current rules affecting charitable donations of qualified vehicles. The bill requires contemporaneus written substantiation of use, value, and, if sold, certification of an arm's-length...
The Congressional Research Service has issued a report that provides an overview of recent changes affecting tax-exempt and charitable organizations, while also discussing issues that may be of legislative interest in the future.
The full text of the H.R. 4853; Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 is now available.
Last week the Congress passed and President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. In this article, nonprofit endowment development consultant Robert F. Sharpe, Jr. of the Memphis-based Sharpe...
Writing for Martignetti Planned Giving Advisors, Tony Martignetti discusses the renewed charitable IRA rollover rules and how donors can put them to use.
In a 277-148 vote late Thursday night the House of Representatives conceded without amendment to the Senate version of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The measure now moves to President Obama's desk for signature.
Recent activity
ACGA Issues Statement on Incentives for Charitable Giving
Bill Would Modify Vehicle Donation Rules
Bill Would Tax Art and Collectibles at Same Rate as Investment Property
Finance Committee Compares Midwestern Disaster Relief Bills
Obama Tax Plan Would Increase the Cost of Charitable Giving for Wealthy Donors
CBPP Recommends Congress Retain Value of Itemized Deductions for High-Income Taxpayers
Bill Suspends Minimum Required Distributions; Implications for Charitable IRA Rollovers