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House Approves Permanent Extension of IRA Charitable Rollover

July 21, 2014

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​The House of Representatives last week voted 277-130 to approve the America Gives More Act of 2014 (H.R. 4719), a package of five charitable giving tax provisions, including a permanent extension of the IRA Charitable Rollover.

The IRA provision permits individuals age 70½ and older to donate up to $100,000 from their IRAs and Roth IRAs to charities without having to count the distributions as taxable income.

ACE and a group of higher education associations sent a letter to the House in advance of the vote expressing strong support for the measure. The IRA rollover has proven to be a valuable incentive to generate donations to colleges and universities, which are often used to support student financial aid. A permanent extension would enhance the rollover's effectiveness by encouraging greater use by donors, who would be able to better plan their charitable giving.

The prospects for the bill are not clear in the Senate, primarily because of its unfunded cost—an estimated $16 billion. As in the House, Senate Democrats are likely to oppose the bill without a source of revenue to cover its cost. The White House also is on record as opposing the measure.

The floor statement on H.R. 4719 by House Ways and Means Committee Chairman Dave Camp (R-MI) is available here

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