Charity Provisions Dropped From Tax Bill :: PNNOnline ::

Charity Provisions Dropped From Tax Bill :: PNNOnline ::: "Charity Provisions Dropped From Tax Bill
Posted by: PNNOnline on Friday, May 12, 2006
Topic General Fundraising


Provisions designed to encourage charitable giving and improve nonprofit accountability and transparency have been dropped from the $69 billion tax reconciliation bill approved by House and Senate Republicans, the New York Times reports.


Had they been adopted, the proposals would have increased excise taxes on foundations, prohibited charitable deductions for contributions to donor-advised funds held by Type III supporting organizations, penalized participation in tax shelters, and prohibited donor-advised funds and supporting organizations from making payments and distributions to donors and related parties, while encouraging charitable giving via tax-free distributions from IRAs, a charitable deduction for non-itemizers, and tax incentives for donations of property for conservation purposes. The Congressional Joint Committee on Taxation has estimated that the charitable giving provisions would result in a $528 million reduction in government revenues from 2006 through 2010."