Monday, September 11, 2006

Journal and Courier Online - Business-Pension act pleases philanthropic groups

Journal and Courier Online - Business: "Pension act pleases philanthropic groups

By MAX SHOWALTER
mshowalter@journalandcourier.com

As he prepares to retire as president and chief executive officer of the Greater Lafayette Community Foundation, Jim Klusman views a new federal law as a potential boon to local philanthropy efforts.

Last month, President Bush signed the Pension Protection Act of 2006, which contains a provision that allows individuals to transfer assets from their Individual Retirement Accounts directly to charity.

The contribution is not counted first as income from the IRA, and donors aren't required to pay income tax on the amount.

'This is a wonderful win-win -- for people who would rather give to charity than pay taxes and the nonprofit organizations they choose to support,' said Klusman, who will retire in November and be succeeded by Doug Eberle."

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