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May 28, 2010, 03:00 PM ET
House Passes Extension of Charity Tax Breaks
The House of Representatives has approved legislation to extend through the end of 2010 several key tax incentives for charitable donations, including one designed to encourage older people to make donations through their individual retirement accounts.
The bill, HR 4213, will be considered by the Senate when it returns to work the week of June 7.
Both the House and Senate had previously agreed to extend the charitable incentives, which expired at the end of 2009. But the two sides have had differences over how to merge their two versions of the bills and how to pay for the ideas included in the legislation.
The bill passed by the House would allow people age 70 1⁄2 and older to continue giving up to $100,000 a year tax-free from their individual retirement accounts to charity.
The bill would also extend tax provisions to encourage donations of property, food inventory, books to public schools, and computer equipment for educational purposes.
Comments
1. touchingsoulsintl - May 28, 2010 at 06:54 pm
This provision is great news for the philanthropy scene in general since it encourages people 70 1/2 years old and older to donate more from their retirement account, and it allows more of the money to go toward charity.
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