Today marked a major achievement for the foundation world, as President Obama signed the IRA Charitable Rollover into permanent law. Council on Foundations President Vikki Spruill described it this way:
Today we celebrate a major victory for community foundations and your donors.
The charitable “tax extenders” are no longer “extenders” that must be reinstated each year, but have become a permanent part of our tax code. In a historic vote, Congress passed the IRA Charitable Rollover into permanent law, making it available to donors and charities for the foreseeable future.
Your efforts made this possible. Hundreds of Council members rallied together through the grassroots 5 Minutes for Philanthropy campaign. You took up the #Act4Good on Twitter and generated well over six million impressions and reached over 300,000 accounts. Across the country, you have made your voices heard by lawmakers through emails and phone calls, on Facebook and Twitter.
Because of your efforts, community foundations may immediately begin accepting IRA Charitable Rollover gifts from individuals age 70 ½ and up to $100,000 without incurring tax on the withdrawal. This benefit is available to all taxpayers regardless of whether they itemize their deductions.
“This is a great opportunity for donors and the causes they support,” CFO President Brian Fogle added. “We are so pleased to see this become a consistent tool available to donors rather than the year-to-year uncertainty we’ve experienced.”
For more information on how to use this, contact Winter Kinne, assistant vice president of donor development and operations, at firstname.lastname@example.org or 417-864-6199.