Today, the U.S. House Ways and Means Committee advanced legislation (H.R. 4619) to make the IRA Charitable Rollover tax provision permanent in the U.S. tax code, as part of a markup of 5 bills highlighting the U.S. tax code’s impact on charitable giving. This action follows a timely Independent Sector-led letter sent to the committee signed by Americans for the Arts and the Americans for the Arts Action Fund—and 250 additional, diverse organizations—calling on Congress to make permanent the IRA Charitable Rollover and other charitable tax provisions. The House markup builds on similar work in the Senate to renew and extend this provision as part of ongoing tax extenders debate (S.1772/SA. 3063).

The IRA Charitable Rollover provision has been on the books since 2006, but lapsed at the end of 2013, along with 54 other tax provisions. The provision is an important funding source for arts organizations and a key tax incentive for charitable giving.