Sunday, May 25, 2008

House Bill Would Extend Tax Break for Gifts of IRAs to Charity

Until the provision expired at the end of 2007, an IRA owner who was older than 70 1/2 could transfer up to $100,000 from his or her IRA to charity without paying income tax on the withdrawal from the IRA.  On May 21 the House passed a bill that would extend this tax break for one more year, untill December 31, 2008.  See the story in the Chronicle on Philanthropy.

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http://lawprofessors.typepad.com/nonprofit/2008/05/house-bill-woul.html

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