The US House of Representatives this past week passed a bill that would address several important charitable priorities, including a provision to renew and make permanent the IRA Charitable Rollover. Long supported by the voluntary sector, the IRA Charitable Rollover offers a special way for those with IRAs to support charitable causes. The bill was approved by a vote of 279-137, with 39 Democrats joining the Republican majority to ensure passage by a wide margin. The bill now moves to the Senate.
Known as the Fighting Hunger Incentive Act of 2015, the bill includes the following provisions:
– The IRA Rollover.
– An extension and expansion of the charitable deduction for contributions of food inventory,
– An enhanced deduction for gifts of qualified conservation easements,
– Modification of the excise tax on the investment income of private foundations.
Unfortunately, the President has vowed to veto the bill if it reaches his desk in its present form. The House would need 290 votes to override a veto.
So, what does it all mean? Despite the time money and effort that has been expended on Capitol Hill in recent years to move these provisions into law, partisan squabbling continues to make reaching shore a greater challenge than it should be. At this point, the U.S. Senate still needs to pass the bill and then it needs to be signed by the President or, should he veto it, the House would need to garner enough votes to override a veto. In other words, the saga continues. I’ll keep you informed.