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Extend IRA Rollover Act to Continue Making Seasonal Charitable Giving Easier

11/29/2011
November 29, 2011

 

With the approach of the holiday season, many of us welcome this as a time of good tidings and giving to those most in need. It is also a time when many people make adjustments to their investments, including Individual Retirement Accounts (IRAs), before the next year’s tax season. Congress now has an opportunity to make it much easier for people who want to transfer money out of their IRAs to support worthy charities, but it must act soon.

Since it was passed in 2006, the Pension Protection Act has been a popular way for people to support charities with their IRA funds without paying taxes. Locally, donors have given more than $450,000 from their IRA funds since 2006 to the Community Foundation of Broward to improve the quality of life in Broward County.

However, the current version of the act is set to expire at the end of this year. Congress should act now to preserve this valuable means for giving back to our community.

Extending the IRA charitable rollover will substantially benefit local philanthropy at a time when demand for its services has never been greater. In our community these contributions have recently helped many students pursue their higher education.

Extending the rollover will help ensure that even modest gifts will assist the many worthy causes in our communities. 
 
This giving season, let’s join these local elected officials in their support of charities and tell Congress to make it easier for us to give to charity by extending the Public Good IRA Rollover provision.

Barbara Witte is Vice President of Philanthropic Services Community Foundation of Broward.

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Broward County Inspiring Philanthropy over 25 years