Tuesday, February 25, 2014

Americans for the Arts joins nearly 500 organizations from across the country in sending a letter to Congress in support of the IRA Charitable Rollover and legislation to make the provision permanent. December 31, 2013 saw the expiration of more than 50 different tax provisions that require congressional renewal. One of these was the IRA Charitable Rollover, which allows for tax-free gifts to charity of up to $100,000 from retirement accounts for taxpayers aged 70 ½  years and older. This provision is an important funding source for nonprofit groups including arts organizations and institutions and is a key tax incentive for charitable giving.