House Passes Charitable Giving Legislation
On Thursday, February 12, the House passed H.R. 644, the America Gives More Act of 2015, which would permanently reinstate a set of charitable giving incentives that includes the IRA Rollover. The IRA Rollover allows donors age 70½ to make tax-free distributions of up to $100,000 per year from an IRA to a qualifying charitable organization. The final vote was 279-137. Many of you wrote to your Representatives sharing stories of how this giving incentive has supported the important work of your arts organization. Your voices were heard in this step for the legislation, and PAA thanks you for your advocacy.
Next, the bill will be considered in the Senate. The the timing isn’t certain, but the Senate Finance Committee has recently created tax reform working groups to start addressing comprehensive reform. While there is strong bipartisan support for these charitable giving incentives, the President has issued a veto threat over concerns of how to pay for the provisions.
PAA continues to meet with Congressional offices urging them to support this important measure.