(12-4-2014) The House yesterday approved the Tax Increase Prevention Act (H.R. 5771), legislation which would retroactively extend – for 2014 only – the IRA Charitable Rollover, among other tax provisions.
With just over a week before the end of the current Congress, H.R. 5771 now heads to the Senate for consideration where Senate leaders have all but assured its passage. The bill will then head to President Obama who has indicated he will sign it into law.
H.R. 5771 also extends until the end of the year two other charitable provisions: the deduction for conservation easement contributions and the deduction for gifts of food inventory.The legislation does not include the other provisions of the America Gives More Act (H.R. 4719), which the House approved in July.
H.R. 5571 emerged after a deal between House Ways & Means Chairman Dave Camp and Senate Majority Leader Harry Reid fell apart. That deal tentatively would have renewed and made permanent the IRA Charitable Rollover.
PPP will provide additional information when the Senate acts on H.R. 5771. For a complete discussion of the lame-duck session of the 113th Congress, and a look ahead at what’s in store for the 114th Congress, join PPP for an exclusive virtual meeting on December 10, 2014 at 11:30 am EST. An e-mail containing a link to join the virtual meeting is forthcoming.