Passage of IRA Charitable Rollover heralded
December was a celebrated month for charitable giving. In the last week in session before the December break, Congress made the IRA Charitable Rollover a permanent incentive for charitable giving in the federal tax code. On behalf of our members, we are very thankful for the U.S. Congress’ action that will impact community foundations, nonprofits and donors for years to come.
“We are so excited at this major accomplishment for the nonprofit sector,” said Dr. Suzanne T. Allen, president and CEO of Philanthropy Ohio. “And, we are equally pleased that Ohio’s congressional delegation voted overwhelmingly for its passage.”
The House passed the PATH Act 318 – 109; all of Ohio’s representatives except Rep. Marcia Fudge (voting no) and Rep. David Joyce (not voting as he was attending his daughter’s graduation) supported the bill. In the Senate, the vote was similarly positive, 65 – 33, with Senator Brown voting yes and Senator Portman voting no.
The IRA Charitable Rollover, which allows tax-free donations to qualified charities from IRA accounts, has been an important source of donations for Ohio’s community foundations, which have used the funds to support critical local needs.
Making this provision permanent is something we at Philanthropy Ohio have been working on since its creation as a two-year provision in the Pension Protection Act of 2006. Having to reauthorize it every year or two has created great uncertainty for donors and nonprofits. Making it permanent strengthens its role in encouraging charitable giving here in Ohio and across the country.
Special thanks to all, including our members, who urged their representatives to vote yes on the legislation!
Entry filed under: Miscellaneous, Ohio Issues, Uncategorized. Tags: advocacy, bill, charitable giving, charity, community, community foundation, donate, donors, foundation, giving, IRA Charitable Rollover, nonprofit, Ohio, Philanthropy, Philanthropy Ohio, public policy.