(12-18-2015) PPP is pleased to report that Congress has now officially approved tax legislation that will permanently extend the IRA Charitable Rollover. The legislation now heads to President Obama who has indicated he will sign the measure into law.
The legislation (H.R. 2029, a bill to provide for consolidated appropriations for FY 2016 and to make permanent certain tax provisions) cleared the House yesterday by a vote of 318-109 and cleared the Senate earlier this afternoon by a vote of 65-33. The legislation now heads to President Obama who indicated in a Statement of Administrative Policy (SAP) earlier this week that he will sign the measure into law.
H.R. 2029 includes a number of important tax provisions, several of which would affect charitable giving, but most notably would retroactively reinstate the IRA Charitable Rollover provision originally enacted into law in 2006 for all of 2015 and remove any expiration date on the provision, thereby permanently extending the Rollover into the future. The legislation does not provide any expansion of the IRA Rollover provision, however.
PPP will update members when President Obama signs this legislation into law and will provide a full debrief on the legislation and the current state of play in Washington as it relates to charitable giving issues after the holidays.