Last week on Capitol Hill, Senators John Thune (R-SD) and Ron Wyden (D-OR) introduced the Charities Helping Americans Regularly Throughout the Year Act (CHARITY Act).
The bill begins by expressing support for nonprofits and charitable giving and states the charitable contribution deduction should be protected as Congress contemplates future tax reform efforts.
If enacted, other provisions of the legislation include making donor advised funds eligible for the IRA charitable rollover, requiring all Form 990 filers to do so electronically regardless of size, and allowing the charitable mileage rate fixed by Congress at 14 cents per mile since 1997 to be indexed annually for inflation by the Treasury Department similar to the business and medical/moving rates.
Click here to read the press release and CHARITY Act from Sens. Wyden and Thune.
ECFA and more than 40 other organizations in the Charitable Giving Coalition joined together in a letter to the senators expressing support for the CHARITY Act and its proposals aimed at protecting giving and nonprofits. View the letter here.