Déjà vu in the U.S. House
In 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.
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 Y.W. Herrold
Entry filed under: Ohio Issues, Public Policy, Uncategorized. Tags: America Gives More Act, bill, foundation, give, House, IRA, IRA Charitable Rollover, legislature, Ohio, Philanthropy, Philanthropy Ohio, policy, public policy, representative, Senate, tax deduction.