(12-9-2015) Congress continues to negotiate a massive year-end tax bill that has the potential to include a permanent IRA Charitable Rollover provision. Negotiations are ongoing and leaders are working diligently to resolve a myriad of differences between the two parties.
With just a few legislative days remaining until the end of the session, House and Senate leaders have coalesced around a fallback tax extenders bill (HR 34) costing roughly $110 billion over 10 years, that would include a two-year retroactive extension of the Rollover provision. This legislation has been offered as an amendment to a Senate amendment to an unrelated House bill and would reinstate the Rollover for 2015 and all of 2016. Although this bill will move through the House this week, many lawmakers remain committed to a larger deal that could include some permanent tax extender provisions, and House Ways & Means Chairman Kevin Brady and Senate Finance Committee Chairman Orrin Hatch have made clear that the fallback extenders bill could be amended to include a broader deal with these permanent extensions if both parties can resolve their differences very soon.
Given the state of play on Capitol Hill, PPP is asking all members to reach out to their respective Members of Congress today, tomorrow and Friday to voice support for a permanent Rollover provision. The time to reinstate the Rollover and make it permanent is now so please act as soon as possible.