Big Vote in the House on Thursday for IRA Rollover, Other Charitable Provisions
The House of Representatives is expected to vote this Thursday legislation that would make the currently expired IRA Rollover provision permanent. AFP is encouraging members to contact their Congressperson TODAY!
The House will be voting on H.R. 4719, a bill that packages together two additional charitable giving provisions along with the IRA Rollover:
• The enhanced deduction for donating food inventory and
• The enhanced deduction for donating land conservation easements
“This is a critical vote for Congress, and we’ll be watching closely to see how Representatives support this legislation,” said Andrew Watt, FInstF, president and CEO of AFP. “If the IRA Rollover isn’t made permanent this year, it’s going to be very difficult to ever get reinstated again. I encourage all U.S. members of AFP to contact their Congressperson NOW and tell him or her to support H.R. 4719.”
AFP members can find their Representatives’ contact information by entering their zip code here.
Members should call or email and use the following bullet points in their conversations or correspondence (personalizing them a bit for their unique situation and talking about the impact of the IRA Rollover or other provision on their organization):
- It is imperative that Congress pass H.R. 4719, legislation that would make the IRA Rollover provision permanent. Doing so would simplify the tax code and reinstate a powerful charitable giving incentive.
- Tax incentives such as the IRA Charitable Rollover provision play a vital role in encouraging donors to make gifts. The rollover provision is a powerful and unique way that donors can support charitable causes in their communities.
- Private donations help leverage the impact of government investments and allow charities to provide the programs and services that do much to augment the work of the government. In that sense, the IRA Rollover provision reduces the burden on the government while having a positive impact in our communities.
- It is estimated that there is more than $3 trillion in retirement funds such as IRAs. Many individuals have more than sufficient funds to retire comfortably. Even if only a small percentage of these funds were donated to charitable purposes, it could add millions of dollars to support the vital work that nonprofit organizations do in communities across America.
- The IRA Charitable Rollover has worked very successfully over the last few years, but it would be far more effective if it were made permanent. Because donors are unable to count on the IRA Rollover being in effect every year, they rarely plan ahead to set aside funds to utilize the provision. Similarly, charities and financial planners cannot counsel donors about the IRA Rollover provision given the almost annual uncertainty surrounding it.
- AFP believes that the provision’s impact could reach billions of dollars annually if it were made permanent or at least extended much longer than one or two years.