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Thursday, May 25, 2006

Summary of House Small Biz Hearing on Charitable Giving
From the Council on Foundations:

Charitable Giving the Focus of Subcommittee Hearing

Today, the House Small Business Subcommittee on Rural Enterprises, Agriculture and Technology held a hearing titled, “Unlocking Charitable Giving.” According to Subcommittee Chairman Sam Graves (R-MO), the hearing was called to focus on the need to enact charitable incentives included in the Charitable Giving Act of 2005 (H.R. 3908), legislation sponsored by House Majority Whip Roy Blunt (R-MO) and Representative Harold Ford (D-TN). There was very little discussion about charitable reform, though the Senate’s reform provisions were mentioned as a possible reason why some in the charitable community may not support the Senate’s package.

Appearing before the subcommittee, Majority Whip Blunt highlighted four key charitable incentives that are a part of his legislation:

1) a charitable deduction for non-itemizers
2) the IRA charitable rollover
3) increase in the cap on corporate charitable contributions from 10% to 20%
4) enhanced deductions for food donations.

Majority Whip Blunt said that he applauds the efforts of both the House and Senate to enact a charitable deduction for non-itemizers and the IRA charitable rollover this year and believes “there is cause for optimism.” Both the non-itemizer and IRA rollover provisions are included in the Senate’s charitable package that congressional leaders may attach to pending pension reform legislation.

Subcommittee members also heard testimony in support of charitable incentives from:

Benny Lee, Chief Executive Officer, Top Innovations, Inc. (Kansas City, MO)
Michael W. Halterman, Chief Executive Officer, Catholic Charities of Kansas
City — St. Joseph (Kansas City, MO) Diana L. Aviv, President and CEO, Independent Sector (Washington, DC)
Paulette Maehara, President and CEO, Association of Fundraising Professionals (Washington, DC)

Subcommittee Chairman Graves and Ranking Minority Member John Barrow (D-GA) were the only two subcommittee members present for the hearing. Representative Barrow indicated that he would sign on as a co-sponsor of H.R. 3908.

Posted by Jennifer Lowe, 05:28:10 PM

Tuesday, May 09, 2006

Charitable Provisions Move Forward in Extenders
From Council on Foundations:

Today, Senate Finance Committee Chairman Charles Grassley (R-IA) and House Ways and Means Committee Chairman Bill Thomas (R-CA) will announce that conferees have reached a deal on the tax reconciliation bill (H.R. 4297 ). Though charitable provisions were removed from the final version of H.R. 4297, it does appear that Grassley and Thomas have agreed in principle to include charitable reform and incentive provisions in the contents of a second "extenders" package. It is unclear if, when or how the extenders package will be considered by the House and Senate. H.R. 4297 is expected to be approved by week's end.

Posted by Jennifer Lowe, 12:18:19 PM

Thursday, May 04, 2006

Charitable Provisions in Reconcilliation/Extenders
House and Senate leaders are still working to secure a final agreement on the tax reconciliation bill (H.R. 4297). While leaders do plan to remove some business tax extender provisions from H.R. 4297 and move them as a separate package, Senate Finance Committee Chairman Charles Grassley (R-IA) and House Ways and Means Committee Chairman Bill Thomas (R-CA) have been unable to agree on the timing and contents of the “extenders” package.

We are hearing that the charitable provisions are probably not going to be in the tax reconciliation bill, Chairman Grassley is pushing to have the charitable provisions included in the extenders package. Grassley also wants leaders to agree on a timeframe and process for the consideration of the extenders package. Chairman Thomas, on the other hand, is pushing for an agreement on H.R. 4297 and at this point is less concerned about the specifics of the extenders package.

Posted by Jennifer Lowe, 02:06:33 PM

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