Tuesday, July 21, 2015
Today, the Senate Finance Committee considered legislation to extend several expired tax provisions, including the IRA Charitable Rollover. The provision is a key tax incentive for charitable giving and an important funding source for nonprofit groups, including arts organizations. It most recently expired on December 31, 2014.
With a bipartisan amendment, Sens. John Thune (R-SD), Debbie Stabenow (D-MI), Charles Schumer (D-NY), and Ron Wyden (D-OR) worked to add the America Gives More Act to the bill, which would make the IRA Charitable Rollover provision permanent. Making permanent the IRA Charitable Rollover 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 four senators signaled support for this provision. No vote was held on the provision at this stage of the debate, despite its passage twice in the U.S. House of Representatives. However, the committee did include language in support of making certain provisions permanent within comprehensive tax reform.
The Senate bill passed committee by a vote of 23-3, enabling it next to be considered on the Senate floor. You can view the committee's consideration at this link.