Wednesday, October 8, 2008

IRA Charitable Rollover and GIVE Act

To: N.C. Nonprofit Action Network
From: N.C. Center for Nonprofits

Economic Stabilization Bill Includes Victory on IRA Charitable Rollover

Due to the advocacy of the Center and other nonprofits, your organization can once again accept tax-free contributions from individual retirement accounts (IRAs) of people 70 ½ years of age and older! As part of the Emergency Economic Stabilization Act of 2008, Congress voted last week to extend the IRA charitable rollover through December 31, 2009. President Bush signed the bill shortly after it passed the House of Representatives on Friday. The extension is retroactive to January 1, 2008.

Congress Doesn’t Vote on GIVE Act

With its attention focused on the current economic crisis, Congress didn’t vote on legislation to raise the volunteer mileage rate. The economic stabilization legislation that passed last week only provides fuel price relief for volunteers who drive to assist in recovery from this summer’s floods in the Midwest. It’s possible that Congress may take up the Giving Incentives to Volunteers Everywhere (GIVE) Act or other similar legislation if it reconvenes for a “lame-duck” session after the November election. We’ll continue to work with our national partners to advocate for Congress to significantly raise the volunteer mileage rate from 14 cents/mile and to eliminate the tax penalty on volunteers who are reimbursed by nonprofits for the miles they drive.

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