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| Monday, October 13, 2008 |
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IRA Rollover Extension Passed
By jonn @ 7:48 AM :: 131 Views :: Legislative Alerts
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According to the Association of Fundraising Professionals blog, the IRA Rollover Extension discussed in the May Legislative Alert has been passed. The recent $700 billion bailout bill included a two-year extension of the IRA Rollover. "The provision will be made retroactive to Jan. 1, 2008, and will apply to gifts made from that date through Dec. 31, 2009," the blog said.
The AFP also reported the following in an email:
"The provision exempts from taxable income any funds transferred (“rolled over”) from an Individual Retirement Account (IRA) to a charitable organization. The following limitations apply:
• The donor must be age 70½ or older.
• The cap on annual IRA rollovers is $100,000.
• The contribution must be a direct gift to a charity (no planned gifts).
The provision expired at the end of 2007, and one of AFP’s chief legislative goals has been to reinstate the provision and make it permanent.
'This is a huge victory for the fundraising community,' said Paulette V. Maehara, CFRE, CAE, president and CEO of AFP. 'A critical part of this success has been all of the letters, phone calls and emails that AFP members have sent to Congress and the White House. I thank every member who got involved over the past year. Your work has paid off!'"
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What You Can Do:
- Send letters to your senators & house members.
- Click here if you don’t know who your U.S. senators are.
- Click here if you don’t know who your U.S. house member is.
- Personalize your letters – it will receive more attention if it doesn’t look like every other letter.
- Fax your letters. Mail takes too long and emails receive scant attention. Click here for your members’ fax numbers.
- Send this information to as many colleagues you know (non-ALDE members) who are interested in supporting the fundraising profession.
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