Friday, October 23, 2015
On October 21, Americans for the Arts cosponsored a briefing on Capitol Hill organized by Independent Sector and the Council on Foundations. Panelists from charitable organizations spoke about the value of tax incentives that promote charitable giving, including the IRA Charitable Rollover. This provision is an important funding source for nonprofits, including arts organizations and institutions, and is a key tax incentive for charitable giving.
Over 120 congressional staffers and nonprofit leaders heard from speakers from 92nd Street Y, the Cincinnati Art Museum, Claggett Farm, and the Community Foundation Serving Richmond and Central Virginia. Philanthropy Caucus co-chair Rep. Pat Tiberi (R-OH) and Reps. Tulsi Gabbard (D-HI) and Debbie Dingell (D-MI) also addressed the crowd. Rep. Tiberi noted that "government can have an impact on philanthropy." Rep. Gabbard addressed "creative ways to bring about positive change," and during discussion of the expired charitable provisions, Rep. Dingell reiterated, “we need to make them permanent.”
Delivered to Congress that same day was a letter urging immediate action to reinstate and make permanent these key giving tax provisions impacting nonprofit organizations and the communities they serve. Americans for the Arts was a signatory to the letter.
After multiple attempts last year to make these charitable provisions permanent, Congress passed only a short-term extension—reinstating these provisions just two weeks before again expiring for the fifth time in recent years on January 1, 2015.