Sarah Ford | July 17, 2014
A Major Victory for Charities in Congress
The charitable and philanthropic sector achieved an amazing victory today with the HouseÌýapproving legislation (H.R. 4719) that would significantly increase charitable giving in the United States. Independent Sector played a leading role in mobilizing and advocating for our sector. ¾«¶«Ó°Òµ’s Charities is proud to have been supportive of their work and advocacy as it will have a significant impact on our member charities moving forward.Ìý
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The legislation makes permanent three temporary – and currently expired – provisions in the tax code that encourage charitable giving by both individuals and businesses: an enhanced tax deduction for donating food inventory, an enhanced tax deduction for donating land conservation easements, and the IRA charitable rollover. The legislation also wouldÌýextend the deadline through April 15 for making charitable contributions and streamline theÌýexcise tax on foundation investment income. |
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