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House of Representatives Passes "America Gives More Act"

Monday, July 21, 2014

Last week, the United States House of Representatives passed the bipartisan "American Gives More Act of 2014," a legislative package that makes the IRA charitable rollover permanent and simplifies the excise tax on private foundations, both positions supported by many regional associations. 
“The goodwill of the American people is unmatched, and we should do everything we can to encourage Americans to give more, enabling charities, nonprofits, foundations and schools across the country to expand their reach and serve those most in need,” said House Ways and Means Chairman David Camp (R-MI-4).
The two key components of the bill:
  1. Establish a permanent IRA charitable rollover, which will increase funds available for charitable causes
  2. Simplifythe two-tier excise tax on private foundations to a single rate of one percent, reducing the administrative work associated with running a private foundation and encouraging greater giving.
In addition, the bill includes language to make permanent the current "tax extender" provisions, which enhance deductions for land conservation easements and food inventory. The bill also extends the deadline for claiming charitable contributions from December 31st to April 15th, tax day, of the following year.
The bill is not expected to be taken up by the full Senate this summer, but could see action after the mid-term elections.