On October 3, 2008, Congress passed and President Bush signed into law the Emergency Economic Stabilization Act of 2008. Of all the last minute sweeteners added to the Senate version of the bill, one of the sweetest for charitable organizations and those who support them was an extension of the charitable IRA rollover provisions that expired at the end of 2007. In this article, The Sharpe Group reviews these provisions and offers resources that can help organizations and advisers assist their donors and clients to take advantage of this renewed giving opportunity.  MORE »

On a 74-25 vote, the Senate has passed H.R. 1424 which combines provisions similar to the financial bailout package that failed in the House on September 29 with the provisions of H.R. 6049, a Senate-approved package that includes an AMT patch; renews tax incentives for businesses, individuals, and renewable energy; and provides disaster-related tax relief. The charitable provisions found in H.R. 6049 remain intact. The measure now moves on for consideration by the House.

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On a vote of 257 to 166, the House on Friday passed The Renewable Energy and Job Creation Tax Act of 2008 (H.R. 7060) that would extend expired tax incentives, provide AMT relief, and promote energy exploration. However, House Democrats upheld a point of order that blocked Republicans from bringing up H.R. 6049, passed by the Senate on September 23. The disagreement involves the House bill providing complete offsets, which would almost certainly guarantee a Senate Republican filibuster and threatened White House veto. House Democratic leaders may adjourn without resolving a standoff.  MORE »

On a 93-2 vote, the Senate has passed an amended version of H.R. 6049, the Tax Extenders and Alternative Minimum Tax Relief Act of 2008. Core bill components include clean energy tax incentives, protection of millions of Americans from the alternative minimum tax (AMT), extensions of expiring family and business tax cuts, and charitable giving extenders and incentives.

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The Internal Revenue Service has published temporary Income Tax Regulations eliminating the advance ruling process for organizations seeking classification as "publicly supported" charities.

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Congressman John Lewis, D-Ga. has introduced H.R. 6854 that would allow the Secretary of the Treasury to establish the standard mileage rate for use of a passenger automobile for purposes of the charitable contributions deduction and to exclude charitable mileage reimbursements from gross income.  MORE »

Two new bills that would increase the mileage rate for charitable purposes have been introduced, bringing the total to four now under consideration by Congress.  MORE »

Rep. Robert E. Latta, R-Ohio has introduced H.R. 6675 that, if enacted, would increase the standard deductible mileage rate for people delivering meals to elderly, disabled, and at-risk individuals to 58.5 cents per mile.  MORE »

The Senate Finance Committee has released a comparison of disaster tax relief legislation (S. 3322) introduced by Finance ranking minority member Chuck Grassley, R-Iowa, to the Fair Disaster Tax Relief Act, introduced by House Ways and Means Committee member Ron Kind, D-Wis. Charitable provisions included in the Senate bill include a temporary suspension of limitations on charitable contributions dedicated to Midwestern disaster relief efforts, an increase in the standard mileage rate for charitable use of vehicles and exclusion from income of mileage reimbursements for taxpayers assisting in relief efforts related to the Midwestern disaster, and a general enhanced deduction for donations of food and book inventory.  MORE »

Lawmakers have introduced legislation that would increase the standard mileage rate for use of an automobile for business, medical, and moving deduction purposes for 2008 and permanently increase such rate for charitable deduction purposes.  MORE »