October 2, 2008

Senate Passes Bill to Extend Tax Breaks

By Grant Williams

By a vote of 93-2, the Senate has passed legislation that would renew and extend several provisions affecting charitable giving.

One key provision would allow older donors to get a tax break when they give charities money from their individual retirement accounts.

Until December 31 of last year, donors age 70 or older were able to transfer up to $100,000 to charity from their individual retirement accounts each year without paying income taxes on the money.

The

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