Tuesday, September 30, 2008
The Wall Street Journal reports that tax legislation has stalled in Congress and that Congress will likely adjourn before passing the legislation. As we blogged a few days ago, the Senate passed a bill extending a number of tax provisions related to charitable giving. Because the Senate bill differed from the earlier-passed House bill, though, enactment is now unlikely. The bill would have renewed the provision permitting people 70 1/2 years of age and older to contribute up to $100,000 from an IRA without paying income tax on the money. The bill also contained incentives for charitable contributions to help victims of recent storms, floods, and tornadoes.