The Council on Foundations has announced its support for a new bill in the U.S. Senate that would permanently extend the Individual Retirement Account (IRA) charitable rollover — which is set to expire at the end of the year — and introduce measures to encourage increased charitable giving.
Introduced by Sens. Charles Schumer (D-NY), Olympia Snowe (R-ME), Richard Burr (R-NC), and John Kerry (D-MA), the Public Good IRA Rollover Act of 2011 would get rid of the $100,000 IRA rollover cap and reduce the minimum age at which taxpayers are able to take advantage of certain giving vehicles (e.g., charitable remainder trusts) from 70½ to 59½. The bill would also make it easier for donors to give through supporting organizations, private foundations, and donor-advised funds.
"This legislation recognizes the value of donor-advised funds and other charitable giving vehicles as vital to strengthening philanthropy's impact in our communities," said Steve Gunderson, president and CEO of the Council on Foundations. "The council is committed to working with Senators Schumer, Snowe, and other members of Congress to ensure that more Americans and their families can contribute to efforts that address our most pressing problems and advance the public good."