CCP Public Policy Update - September 10, 2014

Friday, February 6, 2015

HARTFORD, CT -- The Connecticut Council for Philanthropy's public policy update in the February 6, 2014 Member eBrief includes information Charitable Tax Provisions.

From Council on Foundations:

Ways and Means Passes Charitable Tax Provisions

The House Ways and Means Committee met on February 4, 2015, to markup several important bills focused on the charitable sector. The actions included making permanent charitable "tax extenders," such as the IRA charitable rollover and simplifying the private foundation excise tax on investment income to a single rate of 1%. All four bills were passed out of the Committee, and will move to a full House of Representatives vote. Here is a full list of the charitable bills passed by the Committee:

IRA Charitable Rollover: H.R. 637, "To amend the Internal Revenue Code of 1986 to make permanent the rule allowing certain tax-free distributions from individual retirement accounts for charitable purposes."

Simplified Private Foundation Excise Tax: H.R. 640, "To amend the Internal Revenue Code of 1986 to modify the tax rate for excise tax on investment income of private foundations."

Conservation Easement Deduction: H.R. 644, "To amend the Internal Revenue Code of 1986 to permanently extend and expand the charitable deduction for contributions of food inventory."

Food Inventory Deduction: H.R. 641, "Conservation Easement Incentive Act of 2015."

What You Can Do
You can send a simple email to your member of Congress asking them to speak out in support of these bills!

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