Ways and Means Adopts Permanent Charitable Provisions
June 2, 2014
Several expired tax provisions would be made permanent under three bills passed by the House Ways and Means Committee last week. Committee members and staff have been sorting through dozens of expired provisions, examining which should be made permanent. The May 29 committee session focused on a number of charitable measures, and the committee voted along party lines to adopt the following measures:
- IRA charitable rollover, which allows tax-free distributions of up to $100,000 per year directly from an individual retirement account to a qualified charity. The measure expired December 12, 2013.
- Gifts of conservation easements to charities, which would qualify for the expanded deduction similar to cash gifts and would benefit from a 15-year carry forward.
- Gifts of food inventory, which would qualify for an enhanced charitable deduction.
In addition the committee approved H.R. 3134, also on a party line vote, a new measure that permits donors to make gifts up until the April tax filing deadline and deduct them in the prior tax year. Democrats on the Ways and Means Committee voted against all four measures because the costs of the legislation were not offset.
The package of tax provisions next moves to consideration on the House floor. Last month, both the committee and the House voted to permanently extend the research credit, offered to companies that make expenditures for certain research and experimentation activities.
Previously, the Senate Finance Committee passed the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act (S. 2260), which extends through 2015 many expired provisions of interest to colleges and universities.
Final action on all expiring provisions is not expected in either house of Congress until after Election Day.
Director, Tax Policy
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