The bill, known as the America Gives More Act of 2014, passed by a vote of 277 to 130, despite complaints from some lawmakers that the loss in tax revenue was not offset.
Among other items, the Bill would make permanent the IRA charitable rollover and enhanced deductions for the donations of food inventory and conservation easements, all of which have currently lapsed. In addition, the Bill would streamline the excise tax on private foundation investment income and extend until April 15 the deadline for taxpayers to make charitable contributions and claim a deduction on their previous year’s tax return.
There are many provisions in this bill. For further information, please contact the office.
Tags: Charitable Deductions
Written by: Doug Rodrigues