The charitable and philanthropic sector achieved a victory today with the House approving legislation (H.R. 4719) that would significantly increase charitable giving in the United States. The legislation makes permanent three temporary – and currently expired – provisions in the tax code that encourage charitable giving by both individuals and businesses: an enhanced tax deduction for donating food inventory, an enhanced tax deduction for donating land conservation easements, and the IRA charitable rollover. The legislation also would extend the deadline through April 15 for making charitable contributions and streamline the excise tax on foundation investment income.
In the lead-up to this vote, LSA partnered with Independent Sector and many other organizations in supporting the legislation. Support included a letter signed by over 850 organizations and an advertisement in Roll Call yesterday. Numerous Members of Congress, including House Ways & Means Chairman Dave Camp (R-MI), cited the materials.