The Tax Extenders Bill, including the IRA Rollover Extension and several other measures affecting philanthropy, was included in the $700-billion rescue package that was signed by President Bush on Friday. H.R. 1424, the Emergency Economic Stabilization Act, included the tax extenders package that includes a two-year extension of the IRA charitable rollover and other expired or expiring charitable incentives.
The Minnesota Council on Foundations, other regional associations of grantmakers and the national Council on Foundations have been working diligently over the last two years to encourage Congress to either extend the IRA Rollover or make it permanent. The Council will continue its work in 2009 to encourage Congress and the Minnesota Congressional Delegation to support and pass the Public Good IRA Rollover Act. This bill has tremendous potential to accelerate charitable giving for the benefit of the citizens of Minnesota and the nation. It is an important expansion of the charitable provisions that will have a critical impact on those in need and are served by our front-line charitable and faith-based organizations.
- Chuck Peterson, MCF VP of member relations and operations
