OMB Watch - Action Expected on Charitable Giving Legislation in September

OMB Watch - Action Expected on Charitable Giving Legislation in September: "Action Expected on Charitable Giving Legislation in September

The Senate Finance Committee intends to introduce a package of nonprofit accountability reforms and charitable giving tax incentives soon, according to sources on the Hill.

Sources say the committee hopes to mark up the Charity Aid and Recovery Act (CARE) in September. The CARE Act, contained in Title III of S. 6, the Marriage, Opportunity, Relief, and Empowerment Act of 2005 (MORE Act), includes several charitable-giving incentives, including a charitable deduction for itemizers, and tax-free distributions to charities from individual retirement accounts. The bill also contains provisions to improve the oversight of exempt organizations, including providing more money for IRS-oversight operations and making public more IRS determination letters."