October 18, 2011 Hearing: Tax Reform Options - Incentives for Charitable Giving

United States Finance Committee Statement of Record, Submitted by ACGA

Preface. In 1973, I testified before a Congressional Committee at a hearing on the charitable deduction on behalf of a coalition of tax-exempt health organizations. Testifying with me was Dr. Jonas Salk who told the committee that a major part of the funding for the development of his polio vaccine came from charitable gifts by individuals to the University of Pittsburgh School of Medicine and the National Foundation for Infantile Paralysis (now known as the March of Dimes Birth Defects Foundation). Read More...

Heard on the Web: Limits on Charity Tax Breaks for Jobs Bill No Longer Likely

Article from The Chronical of Philanthropy, October 7, 2011

According to an article in The Chronicle on Philanthropy, President Obama's plan to pay for a jobs bill by limiting the value wealthy people receive for their itemized deductions, including the charitable deduction, to 28 percent appears for now to be dead. Read More...

Impact of December, 2010 Tax Law Changes on Charitable Giving

Robert F. Sharpe, Jr., The Sharpe Group

On December 17 the president signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. This much-anticipated legislation features continuation of tax cuts that were scheduled to expire, extension of unemployment benefits, and other measures designed to stimulate the economy.

A number of provisions in the bill and their impacts will be of special interest to the nonprofit community. Many commentaries have thus far focused on incentives for immediate gifts from IRAs by donors over the age of 70 ½. The extension of the IRA Rollover provision first introduced in 2006 will give an immediate boost to charitable giving by older donors who can afford to give part of their retirement funds to charity. However, we believe the implications of the law will have a broader impact on charitable giving in both the near and long term. Read More...

The New Tax Law: A Summary for Gift Planners

PG Calc, December 2010

President Obama just signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. This new law contains a number of provisions that are of particular interest to gift planners. We have written a summary of the new tax law that is available on our website at: www.pgcalc.com/about/featuredarticlejanuary11.htm