Déjà vu in the U.S. House

February 24, 2015 at 12:13 pm Leave a comment

headshot of claudiaIn mid-February the U.S. House passed the America Gives More Act of 2015, just as it did back in July of last year.

As passed the bill would:

  • Restore and make permanent the IRA Charitable Rollover provision, allowing individuals aged 70 ½ and older to make tax-free contributions from IRA assets to qualified charities;
  • Reduce the tax private foundations pay from the complicated, two-tier structure to a simple 1 percent rate;
  • Restore and make permanent an expanded tax deduction for small businesses that donate their food inventory, and expand to allow farmers and ranchers to take a deduction for donations of fresh produce, dairy, and meat; and
  • Restore and make permanent an expanded tax deduction to promote donation of land for conservation purposes.US House Seal

The vote was 279 to 137 – not veto proof – and largely along party lines. The bill now goes to the Senate, where prospects for quick consideration appear grim.

Philanthropy Ohio thanks Representatives Chabot, Gibbs, Johnson, Jordan, Joyce, Latta, Renacci, Tiberi, Turner and Wenstrup for their yes votes on the bill. We appreciate their support for the philanthropic sector and the critical work it does in thousands of communities across the country.

claudia signature

Claudia Y.W. Herrold

Entry filed under: Ohio Issues, Public Policy, Uncategorized. Tags: , , , , , , , , , , , , , , , .

Get on the map and get savvier with your grantmaking Making the case for investing in women

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed


Visit Our Website

Get Your Philanthropy Ohio News First

Reader Subscription

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 85 other followers

Categories


%d bloggers like this: