Posts tagged ‘House’
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
February 24, 2015 at 12:13 pm Philanthropy Ohio Leave a comment
A Victory for Charitable Giving
Just over a week ago, the U.S. House passed HR 4719, handing a major victory to those engaged in philanthropy and charitable giving – including Philanthropy Ohio and our members. The bill:
- 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.
Claudia Herrold