A note from our friends at Americans for the Arts: July 17, 2014 Dear Arts Advocate: Today, the U.S. House of Representatives passed legislation to make permanent a key tax incentive for charitable giving, the IRA Charitable Rollover. Making this provision permanent has been a key legislative goal of Americans for the Arts for the last decade, as the current cycle of expiration and reinstatement has left many donors and nonprofit arts organizations unable to maximize their community impact. The IRA Charitable Rollover provision was first enacted in 2006 and most recently lapsed at the end of 2013, along with 54 other tax provisions. It is an important funding source for arts organizations and a key tax incentive for charitable giving that allows individuals 70.5 years and older to designate their IRA distributions directly. Since its enactment in 2006, the provision has spurred new and increased charitable gifts to support needed community-based services. Americans for the Arts, Americans for the Arts Action Fund, and over 850 organizations sent a letter supporting the permanent renewal of these charitable tax provisions. The bill, H.R. 4719, America Gives More Act, now moves to the Senate for further consideration and ongoing debate on reinstatement of over 50 tax provisions that expired on December 31, 2013. We will send out an e-alert when the next steps in the Senate become more clear. Please help us continue this important work by becoming an official member of the Arts Action Fund. If you are not already a member, you can play your part by joining the Arts Action Fund today-its free and easy to join. ________________________________________
Posted on: Mon, 21 Jul 2014 14:03:14 +0000
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