U.S. Senate: Pass the America Gives More Act
Getting more dollars to critical community issues passed a giant hurdle this summer, as the U.S. House passed the America Gives More Act that includes two key items of interest to philanthropy.
First, it makes the IRA Charitable Rollover permanent. Since 2006, when it was first passed for two years, Americans have been able to tap into their IRA assets, giving those dollars directly to the charity of their choice.
We’ve heard many stories about the impact of those dollars and what they have meant to our community foundation members here in Ohio and to thousands of other organizations working to improve the lives of area residents. But every two years, we’ve been back in Washington asking our federal policymakers to extend the provision for another two years. With the House action to make the IRA Charitable Rollover permanent, we won’t need to do that anymore: this means predictability for donors and the causes they care about and we support that.
Second, the America Gives More Act simplifies the tax that private foundations pay to a flat 1 percent rate. For years, complex calculations of the two-tiered current structure have meant that private foundations spend human and financial resources figuring out what amount of tax they pay, resources that could better be used to support nonprofit organizations and issues.
We applaud our Ohio members of Congress who voted for the bill and now urge Senator Brown and Senator Portman to bring the bill to the floor for a vote when they return to the Senate in September and to vote YES.
Add your voice to the call for passage. Contact our Ohio Senators while they’re in the state during August and urge them to pass the bill.
Claudia Y.W. Herrold
Entry filed under: Core Competencies, Ohio Issues, Public Policy. Tags: America Gives More, August, bill, Capitol Hill, charity, community foundations, Congress, IRA Charitable Rollover, Ohio, Philanthropy, Philanthropy Ohio, private foundations, public policy, Senator Brown, Senator Portman, tax, U.S. House, voice, vote, Washington.