A Victory for Charitable Giving
- Makes the IRA Charitable Rollover permanent, so those aged 70 ½ and over can donate up to $100,000 a year tax-free from their IRAs to qualified charities;
- Simplifies and reduces the tax that private foundations pay, to a flat 1 percent;
- Extends to April 15 the deadline for making and claiming charitable deductions on a given year’s tax return;
- Enhances the deduction for donations of food inventory; and
- Enhances the deduction for donations of conservation easements.
The vote was 277 – 130, with 56 Democrats breaking rank to vote with Republicans. Here’s the breakdown of how Ohio’s members of the U.S. House voted:
- Voting yes were Representatives Chabot, Gibbs, Johnson, Jordan, Joyce, Latta, Renacci, Tiberi, Turner and Wenstrup.
- Voting no were Representatives Beatty, Fudge, Kaptur and Ryan. Not voting were Speaker Boehner and Rep. Stivers.
As I watched the House floor debate online, with Democrats and Republicans taking turns at the microphone to deliver their speeches, the main takeaway was that the congress remains deeply divided along partisan lines. The main concern of those voting against the bill was the revenue impact during a period of large deficits.
No one said anything against charitable giving – whether it’s donations of food inventory or IRA assets – but there was a lot said about how we’d pay for the loss of tax income.
Prospects for passage in the Senate appear dim, although there is some hope that the chamber will take up individual tax extender provisions (including those passed by the House) in the lame duck session after the November election. Philanthropy Ohio, as well as our colleague organizations across the country, will continue our efforts on these issues and welcome everyone’s help.
Entry filed under: Ohio Issues, Public Policy. Tags: advocacy, bill, charitable rollover, charitible deduction, Democrats, House, IRA, Ohio, Philanthropy, Philanthropy Ohio, public policy, Repbulicans, Senate.