(12-18-2015) PPP is pleased to report that President Obama has now signed into law a permanent IRA Charitable Rollover provision.
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 the Senate earlier this afternoon by a vote of 65-33. President Obama signed the measure into law just a few hours after the Senate vote.
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would affect charitable giving, but most notably would retroactively reinstate the IRA Charitable Rollover provision originally enacted into law in 2006 for all of 2015 and remove any expiration date on the provision, thereby permanently extending the Rollover into the future.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 current law IRA Rollover provision, however.
PPP will provide a full debrief on this historic legislation and the current state of play in Washington as it relates to charitable giving issues soon after the holidays.