Saturday, January 12, 2008
The Joint Committee on Taxation issued a list of federal tax provisions that either expired at the end of 2007 or will expire in future years. Included in the list were several charitable giving provisions that expired on December 31, 2007, including the popular IRA charitable rollover provision found in Internal Revenue Code section 408(d)(8) and several charitable giving incentives targeted at specific types of contributions. These types of contributions included capital gain real property contributed for conservation purposes, food inventory, book inventory contributed to public schools, and computer equipment contributed for educational purposes, all found in section 170. Attempts to extend these provisions before they expired failed, but Congress is expected to consider these and other expired provisions later this month, according to Independent Sector.