U.S. House of Representatives passes America Gives More Act
The House of Representatives passed the America Gives More Act of 2015, H.R.644, on Thursday, February 12 by a vote of 279 to 137. The bill, which would restore and make permanent three expired charitable giving incentives and streamline the foundation excise tax, now goes to the U.S Senate.
This year’s version of the America Gives More Act contains four key components:
- IRA Charitable Rollover: Restore and make permanent the tax incentive that allows individuals age 70½ and older to make donations to charitable nonprofits without suffering adverse tax consequences.
- Food Donations: Restore and make permanent an expanded tax deduction for small businesses that donate their food inventory, and expand to allow farmers and ranchers to take a deduction for donations of fresh produce, dairy, and meat.
- Conservation Easement Donations: Restore and make permanent an expanded tax deduction to promote donation of land for conservation purposes.
- Foundation Excise Tax: Set a single excise tax rate of 1 percent on net investment income for private foundations.
The Council asked its members to contact their Representatives about H.R 644 and show their support for nonprofits throughout the Commonwealth; and they delivered. The Council thanks its members for their continued advocacy.
Please contact Bill Yelenak with any questions you may have.