U.S. Senators Thune and Wyden Introduce CHARITY Act, S.2750

Below is a reposted advocay alert from David Thompson, Vice President of Public Policy at the National Council of Nonprofits.

In advance of Foundation Week in Washington, Senators John Thune (R-SD) and Ron Wyden (D-OR) today introduced the "Charities Helping Americans Regularly Throughout the Year Act" (CHARITY Act), S.2750. You can read the joint news release and the Bill Summary.

If enacted, the legislation would:

  • Express the sense of the senate that "encouraging charitable giving should be a goal of tax reform," and that Congress should ensure that the value and scope of the federal charitable deduction "is not diminished;"
  • Permit IRA rollovers into donor advised funds and add pay-out and other disclosures for DAFs;
  • Streamline the foundation excise tax by setting a fixed rate of one percent (unenacted portion of the America Gives More Act);
  • Mandate electronic filing of IRS Form 990s, with a delayed effective date for smaller nonprofits with revenues of between $200,000 and $500,000;
  • Establish an adjustable Volunteer Mileage Rate pegged to rate for medical/moving purposes (currently 19 cents);
  • Make a limited exception to the private foundation excess business holding tax for enterprises that donate all profits to charity.

All of these provisions have been bandied about in recent years on Capitol Hill and within nonprofit and philanthropic DC circles.

Post date: April 11, 2016
Topics: National Legislative Updates

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