On March 10, the U.S. Senate amended and passed the Tax Extenders Act (H.R. 4213), legislation that would retroactively extend the IRA charitable rollover through December 31, 2010. Since the Senate amended H.R. 4213, the bill must once again be passed by the U.S. House and ultimately signed by President Barack Obama before the IRA charitable rollover is officially reinstated.

Prior to its expiration on December 31, 2009, the IRA charitable rollover allowed taxpayers age 70 ½ or older to direct up to $100,000 annually from their individual retirement accounts to eligible charities, including colleges, universities and independent schools, without having to count the distribution as income for tax purposes. Since 2006, the IRA charitable rollover has led to millions of dollars in new gifts to educational institutions - many from individuals and alumni who had never previously given to their institutions.

If enacted, H.R. 4213 would retroactively extend the IRA charitable rollover for one year-from January 1 to December 31, 2010. The House is expected to take up H.R. 4213 after the spring recess period (March 27 - April 11).

CASE strongly supports the IRA charitable rollover and will continue to urge lawmakers to pass a retroactive extension of the incentive as soon as possible

Tags: March 2010

This entry was posted on Wednesday, March 31st, 2010 at 11:13 am