September 30, 2008
Charities Bill Unlikely to Pass
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.
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