Friday, September 30, 2005

The State | 09/30/2005 | Bills masquerading as hurricane relief deserve defeat

The State | 09/30/2005 | Bills masquerading as hurricane relief deserve defeat: "Bills masquerading as hurricane relief deserve defeat

LIKE MUSHROOMS APPEARING after a soaking rain, numerous bills have popped up in Congress in reaction to hurricanes inundating the Gulf Coast. Many are well-intentioned, but some clearly seek to capitalize on the crisis and shove through ideas that have been shot down before. Lawmakers should be wary of such impulsive legislation."

Thursday, September 29, 2005

U.S. eases Katrina victims' access to retirement funds

U.S. eases Katrina victims' access to retirement funds: "Government eases Katrina victims’ access to retirement savings

By Margaret M. Clark

The federal government has alleviated the severe tax consequences of early retirement plan withdrawals for victims of Hurricane Katrina and removed roadblocks standing between them and use of retirement savings to help rebuild their lives. The action came in the form of legislation from Congress together with guidance from the Internal Revenue Service (IRS) and the U.S. Department of Labor (DOL).

The Katrina Emergency Tax Relief Act of 2005 (KETRA, H.R. 3768) was approved by Congress Sept. 21 and signed into law by President Bush Sept. 23. It allows penalty-free distributions up to $100,000 from 401(k) and similar tax-favored retirement plans to people who lived in the Hurricane Katrina disaster area and suffered economic loss because of the storm."

The Council on Foundations - Charitable Reform Resource Center News-CARE Act Introduced in House and Senate

The Council on Foundations - Charitable Reform Resource Center News
CARE Act Introduced in House and Senate
Today, Senators Rick Santorum (R-PA) and Joseph Lieberman (D-CT) and Representatives Roy Blunt (R-MO) and Harold Ford, Jr. (D-TN) introduced stand-alone charitable giving legislation in their respective chambers. Both bills would allow individuals to make tax-free contributions to charity from their IRAs and would allow non-itemizing taxpayers to take a charitable deduction.

On the House side, the Charitable Giving Act of 2005 is similar to legislation introduced by Representatives Blunt and Ford in the last Congress. In a statement released today, Blunt said, “In the wake of two back-to-back hurricanes, Americans are doing what Americans do best: helping one another. Our bill will help expand these charities’ base of resources, so they can continue to do the good work of helping the hungry, the sick, the addicted, and the elderly.” Representative Ford added, “At a time when our nation is in need of charity more than ever, the bill will empower Americans who have been desperate to help the victims of the recent devastation caused by the hurricanes.”

Wednesday, September 28, 2005

Finance-Hurricane Katrina: Community Rebuilding Needs and Effectiveness of Past Proposals

Finance: "Hurricane Katrina: Community Rebuilding Needs and Effectiveness of Past Proposals

September 28, 2005, at 10:00 a.m., in SD215 Dirksen Senate Office Building

Member Statements:
Charles Grassley, IA
Max Baucus, MT"

The Council on Foundations - Charitable Reform Resource Center News

The Council on Foundations - Charitable Reform Resource Center News

Relief act lifts penalty on tapping retirement funds for Katrina victims: South Florida Sun-Sentinel

Relief act lifts penalty on tapping retirement funds for Katrina victims: South Florida Sun-Sentinel: "Relief act lifts penalty on tapping retirement funds for Katrina victims

By Harriet Johnson Brackey
Business Writer
Posted September 28 2005

Thanks to Hurricane Katrina, some South Floridians can tap their retirement accounts without incurring penalties and possibly income taxes, too.

President Bush signed the Katrina Emergency Tax Relief Act into law on Friday, sending a generous tax break to residents of Broward, Miami-Dade, Monroe and a handful of other Florida counties along with federally declared disaster areas in Louisiana, Alabama and Mississippi."

Thursday, September 22, 2005

The Chronicle, 9/22/2005: New Tax Breaks for Hurricane Relief Efforts Fall Short, Critics Say

The Chronicle, 9/22/2005: New Tax Breaks for Hurricane Relief Efforts Fall Short, Critics Say: "New Tax Breaks for Hurricane Relief Efforts Fall Short, Critics Say

By Elizabeth Schwinn
Washington

Congress passed several tax breaks designed to encourage donors to give to hurricane-relief efforts.

But many nonprofit leaders were frustrated that the measure did not include provisions that might do more to help charities raise money, especially for long-term hurricane-recovery efforts.

While the Senate initially passed a provision that fund raisers had long sought -- to allow people to give money in their individual retirement accounts to charity tax-free -- it was deleted from the final version of the bill approved by the House and the Senate."

Tuesday, September 20, 2005

Salt Lake Tribune - Utah-Church stops flat-tax proposal

Salt Lake Tribune - Utah: "Church stops flat-tax proposal
Room to give: The statement from LDS leaders wants charitable deductions to be spared
By Rebecca Walsh
The Salt Lake Tribune

When the LDS Church talks, people on Utah's Capitol Hill listen.
And Thursday, when an attorney representing the faith urged state lawmakers debating tax reform to keep a tax deduction for charitable giving in place, the message had the desired effect.
At word of the church's scheduled statement, Gov. Jon Huntsman Jr.'s advisers pulled back a team of economists prepared to propose a 4.6 percent flat tax. They said they wanted to give the experts more time to refine their models. "

DMNews.com | News | Article

DMNews.com | News | Article: "Federal Judge Upholds Indiana DNC List in Nonprofit Ruling
Sept. 16, 2005

By: Tad Clarke
Editor in Chief
tad@dmnews.com



A federal judge ruled that Indiana's do-not-call law does not violate the U.S. Constitution. At issue was whether nonprofits could have professional fundraisers make calls to numbers registered on the state's DNC file."

Green Bay Press-Gazette - State re-evaluates estate tax

Green Bay Press-Gazette - State re-evaluates estate tax: "State re-evaluates estate tax

Related news from the Web
By Karen Lincoln Michel
Press-Gazette Madison bureau, kmichel@greenbaypressgazette.com

MADISON — In addition to bitter-cold winters, Wisconsin’s estate tax gives wealthy residents another reason to consider relocating to another state."

Monday, September 19, 2005

Keep the death tax dead - Commentary - The Washington Times, America's Newspaper

Keep the death tax dead - Commentary - The Washington Times, America's Newspaper: "Keep the death tax dead

By Ed Feulner
September 19, 2005

In Washington, nothing is certain except death, taxes and special-interest lobbying groups. So it makes sense the death tax has its own lobbyists.
That's right. 'Americans for a Fair Estate Tax' knows a Senate vote may come soon, and they have been hard at work. Their Web site describes the group as 'a coalition fighting to preserve a fair estate tax.' "

Southwest Nebraska News - from the Republican Valley Media Group, McCook, NE

Southwest Nebraska News - from the Republican Valley Media Group, McCook, NE:
snip snip>>
"State leaders worked this year to make Nebraska’s tax climate more friendly to the businesses that will bring jobs to our communities, and we also were successful in approving additional legislation that provides tax incentives for businesses and individuals who invest in the future of this state through donations to nonprofit organizations."

New twist on aid for Iraq: U.S. seeks donations - Yahoo! News

New twist on aid for Iraq: U.S. seeks donations - Yahoo! News: "From the Indian Ocean tsunami to the church around the corner, Americans have shown time and again they are willing to open their pocketbooks for charity, for a total of about $250 billion last year alone.
ADVERTISEMENT

But now, amid pleas for aid after Hurricane Katrina, the Bush administration has launched an unusual effort to raise charitable contributions for another cause: the government's attempt to rebuild
Iraq."

Friday, September 16, 2005

The Chronicle, 9/29/2005: Congress Passes New Tax Incentives to Encourage Donations

The Chronicle, 9/29/2005: Congress Passes New Tax Incentives to Encourage Donations: "Congress Passes New Tax Incentives to Encourage Donations
By Elizabeth Schwinn
Washington
The House and Senate have passed legislation designed to help relief groups raise more money for Hurricane Katrina recovery efforts and to stimulate giving to charities of all kinds."

AHA endorses panel's final report for strengthening oversight in non-profit sector

: "AHA endorses panel's final report for strengthening oversight in non-profit sector
September 15, 2005
The AHA on Sept. 14 endorsed a recent report by the Panel on the Nonprofit Sector that recommends how organizations, Congress and the Internal Revenue Service can enhance transparency, accountability and governance in the non-profit sector. �Nonprofit hospitals and health systems provide important benefits to their communities, and the adoption of the panel�s recommendations will help strengthen their ability to continue that role,� "

Thursday, September 15, 2005

WebCPA | Tools and Resources for the Electronic Accountant

WebCPA | Tools and Resources for the Electronic Accountant: "House Expects Vote on Katrina Charity Package

By WebCPA staff

House Majority Leader Tom DeLay, said he hopes his chamber will vote on a bill to encourage charitable giving in response to Hurricane Katrina before the end of the week.

According to reports, DeLay said the House Ways and Means Committee is putting together a narrow package that would encourage more charitable giving to the Katrina private relief effort by providing targeted tax relief to the contributors to the recovery."

Wednesday, September 14, 2005

DesMoinesRegister.com

DesMoinesRegister.com: "Grassley: Estate tax repeal 'unseemly' in Katrina's wake

By JANE NORMAN
REGISTER WASHINGTON BUREAU
September 14, 2005

Washington, D.C. — It would appear 'unseemly' for Congress to push through a permanent repeal of the estate tax while also trying to come up with money for victims of the hurricane disaster in the Gulf, Senate Finance Committee Chairman Charles Grassley of Iowa said today.

Until recently, the Senate had been on track to consider a permanent repeal of the estate tax or 'death tax.' The tax generally is levied on the estates of those who die leaving behind $1 million or more in assets, according to the Internal Revenue Service. "

Congress Eyes Tax Changes to Aid Hurricane Victims

Congress Eyes Tax Changes to Aid Hurricane Victims: "Congress Eyes Tax Changes to Aid Hurricane Victims

September 14, 2005

Lawmakers in the nation's capital have proposed tax changes to encourage charitable giving and help victims of Hurricane Katrina get back on their feet.

The Senate's top tax writers offered a package of tax aid that would let hurricane victims tap their retirement accounts without penalty. It also would assist businesses and encourage the donations of cash, food and school books.

Senators said the incentives, estimated roughly to reduce taxes by $5 billion to $7 billion, could pass quickly this week. It would be followed with provisions for health coverage for storm victims and, later, by tax incentives to rebuild battered towns and cities, they said."

In Post-Katrina World, Charities Need Help, Not Additional Regulation, Reform & Red Tape: Financial News - Yahoo! Finance

PRESS RELEASE FROM AFP

In Post-Katrina World, Charities Need Help, Not Additional Regulation, Reform & Red Tape: Financial News - Yahoo! Finance: "Press Release Source: Association of Fundraising Professionals

In Post-Katrina World, Charities Need Help, Not Additional Regulation, Reform & Red Tape
Tuesday September 13, 5:20 pm ET

ALEXANDRIA, Va., Sept. 13 /PRNewswire/ -- In the wake of Hurricane Katrina, the Association of Fundraising Professionals (AFP) called on Congress today to create additional tax incentives that could increase charitable giving by billions of dollars.

AFP President and CEO Paulette V. Maehara, CFRE, CAE, urged Congress to pass tax measures to encourage charitable giving, such as those included in the Hurricane Katrina tax relief package recently outlined by Finance Committee Chair Charles Grassley (R-Iowa). The package includes tax incentives to encourage more gifts of food and books. It also allows donors to contribute money from their Individual Retirement Accounts (IRAs) or other qualified retirement programs"

JAMES L. MARTIN: Federal estate tax repeal would wipe away costs for everyday people

JAMES L. MARTIN: Federal estate tax repeal would wipe away costs for everyday people: "JAMES L. MARTIN: Federal estate tax repeal would wipe away costs for everyday people

September 14, 2005

BY JAMES L. MARTIN

The U.S. Senate is poised to either drive a stake through the heart of the most confiscatory tax ever enacted, or to go wobbly and allow this cruel, job-robbing, antigrowth estate tax to live on in infamy.

In the Senate, the high-water mark to repeal was 57-43, but because of the filibuster threat, it takes 60 votes. Senate Majority Leader Bill Frist, R-Tenn., is to be commended for calling for an up-or-down vote on repeal, resisting the admonition of the deal makers and the compromisers who somehow didn't seem to get the message sent to them by the House: 'Kill the death tax; don't wound it.'"

The Chronicle: Daily news: 09/14/2005 -- 01-Higher-Education Officials and Senate Aides Discuss Colleges' Relief Needs

The Chronicle: Daily news: 09/14/2005 -- 01: "Higher-Education Officials and Senate Aides Discuss Colleges' Relief Needs

By JEFFREY SELINGO


A broad coalition of higher-education lobbyists went to Capitol Hill on Tuesday to ask Senate aides to remember colleges when putting together a relief package for industries affected by Hurricane Katrina.

Among the multitude of items on the lobbyists' wish list: financial assistance for colleges that have accepted students displaced by the storm and a new aid program that would encourage stu"

Katrina-Related Legislation Hits Snags

Katrina-Related Legislation Hits Snags: "Katrina-Related Legislation Hits Snags

By ANDREW TAYLOR
The Associated Press
Wednesday, September 14, 2005; 3:42 AM

WASHINGTON -- A spate of bills to cut federal red tape and otherwise make it easier to get aid to victims of Hurricane Katrina has hit a slow patch as lawmakers wrestle over how to shape their response.

Congress zipped through bills providing $62 billion in emergency aid to hurricane victims but the broader legislative response is a work in progress."

Disaster relief underscores need for CARE Act, Reccord tells Senate subcommittee - (BP)

Disaster relief underscores need for CARE Act, Reccord tells Senate subcommittee - (BP): "Disaster relief underscores need for CARE Act, Reccord tells Senate subcommittee
Sep 13, 2005
By Tim Yarbrough
Baptist Press

ALPHARETTA, Ga. (BP)--Offering charitable tax benefits encourages Americans to give, rewards their generosity and assists organizations like the North American Mission Board on the front lines of disasters like Hurricane Katrina, NAMB President Robert E. “Bob” Reccord told a U.S. Senate subcommittee Sept. 13."

Tuesday, September 13, 2005

Finance

Finance: "Charities on the Frontline: How the Nonprofit Sector Meets the Needs of America’s Communities

September 13, 2005, at 10:00 a.m. in SD106 Dirksen Senate Office Building"

courant.com | Case Against The Inheritance Tax Is Bogus

courant.com | Case Against The Inheritance Tax Is Bogus: "Case Against The Inheritance Tax Is Bogus
September 13, 2005
Bill Gates Sr. and, Chuck Collins

A devastating hurricane hits the Gulf Coast. The war in Iraq claims almost 1,900 American lives with no end in sight in both casualties and cost. And red ink flows through both short- and long-term federal deficit projections. Yet in the coming weeks, congressional leaders will move to abolish permanently the estate tax, America's only levy on concentrations of inherited wealth.

Only after considerable pressure to respond to Hurricane Katrina and observe Chief Justice William Rehnquist's funeral did Senate Majority Leader Bill Frist back off from his determination to begin the estate tax debate immediately after Labor Day."

Friday, September 09, 2005

Floyd Norris: A tax repeal is blown off course - Business - International Herald Tribune

Floyd Norris: A tax repeal is blown off course - Business - International Herald Tribune: "Floyd Norris: A tax repeal is blown off course
Floyd Norris International Herald Tribune

FRIDAY, SEPTEMBER 9, 2005
Hurricane Katrina may have cost very wealthy Americans a lot of money.

Perhaps it would be more accurate to say that it may have cost their heirs a lot of money.

The cost came not from the direct effect of the disaster. It came because the hurricane's impact on the poor people who remained in New Orleans made it politically unattractive for the Senate to vote on repealing the estate tax this week.

Such a vote is still possible in the congressional session, however, and if that does not pass there is some speculation that a compromise to slash estate tax rates by two-thirds might be approved.

Thursday, September 08, 2005

Kyl gets hurricane heat from Democrats over estate tax repeal - 2005-09-07

Kyl gets hurricane heat from Democrats over estate tax repeal - 2005-09-07: "Kyl gets hurricane heat from Democrats over estate tax repeal
Mike Sunnucks
The Business Journal

Democrats are knocking Arizona Sen. Jon Kyl for favoring a permanent repeal of federal estate taxes, saying they will only help the super rich and could take needed revenue away from hurricane relief efforts and charities."

Compromise on estate tax - OrlandoSentinel.com: Opinion

Compromise on estate tax - OrlandoSentinel.com: Opinion: "EDITORIAL
Compromise on estate tax
Our position: Katrina's huge cost is another good reason not to repeal the federal tax.


Posted September 8, 2005

When U.S. Senate leaders dropped plans to vote this week on permanent repeal of the estate tax, Hurricane Katrina succeeded where fiscally responsible members of Congress had failed.

Estimates of Katrina's cost to the federal government now top $100 billion. This is no time for Congress to do away with the estate tax. A repeal would add $290 billion to deficits over the next decade, according to Congress' Joint Committee on Taxation."

Wednesday, September 07, 2005

OMB Watch - Circumstances Force Frist to Postpone Estate Tax Vote

OMB Watch - Circumstances Force Frist to Postpone Estate Tax Vote: "Circumstances Force Frist to Postpone Estate Tax Vote

lLte Monday evening, Senate Majority Leader Bill Frist (R-TN) felt compelled by circumstances to postpone a vote on repeal of the estate tax, which he had scheduled to be the first item of business when Congress returned to Washington today. That it took Frist so long to postpone the vote typifies the misguided priorities of the entire movement for repeal of the estate tax -- an effort to reward the privileged few at the expense of millions of Americans who struggle to get by from day-to-day."

Business in MaineToday.com | Maine Association of Nonprofits Strongly Encourages Special Session on Tax Reform

Business in MaineToday.com | Maine Association of Nonprofits Strongly Encourages Special Session on Tax Reform: "Maine Association of Nonprofits Strongly Encourages Special Session on Tax Reform

Portland, ME (9/6/05) - The Maine Association of Nonprofits (MANP), a statewide membership organization, representing over 500 Maine charitable and nonprofit organizations, urges Governor Baldacci to convene a special legislative session on tax reform. Last session's LD 1 was the first step in rebalancing Maine's tax code. A special session would allow for the time to complete the complex process of making additional necessary changes to the tax code. "

Tuesday, September 06, 2005

Tax-News.com Full Story Page

Tax-News.com Full Story Page: "Senator Gives Estate Tax Repeal Bill ‘Zero’ Chance Of Success, by Mike Godfrey, Tax-News.com, Washington 05 September 2005

Sen. Charles Grassley (R - Iowa), Chairman of the Senate Finance Committee, has stated that there is virtually no chance that the Senate will back a full repeal of the estate tax when the chamber reconvenes to address the issue once again after the summer recess.

Senate Majority Leader Bill Frist (R - Tenn.) is planning a vote on H.R.8, which would repeal the estate tax beginning this year, and it could be one of the first bills on the Senate's legislative agenda during the September session, despite the more pressing issue of dealing with the aftermath of Hurricane Katrina, which has devastated the city of New Orleans and much of the Gulf Coast area."

Cutting estate tax is moral setback for the nation

Cutting estate tax is moral setback for the nation: "Cutting estate tax is moral setback for the nation

JOHN BOONSTRA
GUEST COLUMNIST

Throughout the nation there is a rising call to create and uphold strong 'moral' values in public policy decisions. Moral values bring us together, make us stronger and healthier, and guide us to attend to the needs of those forced into situations of poverty and vulnerability. The process of examining and applying these values can lead us to become more responsible and active citizens. Our values provide a measuring stick that each American uses to form opinions on public issues."

Thursday, September 01, 2005

NP Times / States Picking Up Regulatory Pace

NP Times / States Picking Up Regulatory Pace: "September 1, 2005
States Picking Up Regulatory Pace

By Robert Ford

As nonprofits face the possibility of congressionally-imposed regulations, increasingly states are looking to establish their own rules on how charities operate.

“It’s a mixed bag of legislation,” Adam Hoffman, a public policy analyst with the National Council of Nonprofit Associations (NCNA) said of the 24 bills, which deal with the nonprofit sector that state legislators have either introduced or adopted this year."