Moments ago the House of Representatives passed the PATH Act making the IRA Charitable Rollover and two other charitable giving incentives permanent law. Members of the House showed strong bipartisan support for these important measures with a vote of 318 - 109.
“This is a major victory for philanthropy and charities, the result of a dynamic and collaborative effort across the field. Making these vital charitable provisions permanent law ends years of uncertainty for donors and foundations alike. We are confident that permanence will open new opportunities for giving. I applaud leaders in Congress for taking this step, and thank all of our members and colleagues who worked side-by-side to make this possible,” said Vikki Spruill, President and CEO.
The Council, our members, and colleagues have consistently promoted the value of making the IRA Charitable Rollover permanent law. This House-passed bill is a hard won victory for the sector, and one of the final hurdles to a signed bill making the IRA Charitable Rollover a permanent part of our tax code.
Along with the IRA Charitable Rollover, the bill makes permanent the enhanced deductions for conservation easements and gifts of food inventory. These provisions were included in the House-passed America Gives More Act earlier this year.
“A permanent IRA Charitable Rollover is a tremendous victory for the sector, and we are proud of the countless hours spent educating Congress on the value of this incentive for community foundations,” Spruill said. “But we are disappointed that the bill did not simplify the private foundation excise tax or expand the IRA Charitable Rollover to donor advised funds. We have made significant headway with Congress pushing these policies forward, and will continue to actively keep these issues in front of Congress for future tax reform.”
Hundreds of Council members rallied together through the grassroots 5 Minutes for Philanthropy campaign, urging Members of Congress to take action on these charitable giving extenders. Colleague organizations and leaders in the field took up the #Act4Good and have generated well over a million impressions and reached over 100,000 accounts. Across the country, foundations continue to make their voices heard through emails and phone calls, on Facebook and Twitter.
“It’s clear from the outpouring of support we’ve seen just how important these measures are for promoting charitable giving and supporting community philanthropy. Our members led the charge to spur their elected officials to action, and for this effort we want to thank them,” Spruill said.