TAX INCENTIVES FOR CHARITABLE GIVING

IRA Charitable Rollover Legislation 
AAM has been working alongside the larger nonprofit community on extending the IRA Charitable Rollover, a new tax incentive for charitable giving. Currently, the IRA rollover permits individuals age 70½ and above to make charitable donations of up to $100,000 from Individual Retirement Accounts (IRAs) and Roth IRAs without having to count the distributions as taxable income.

Legislation introduced in Congress, The “Public Good IRA Rollover Act of 2007,” would extend and broaden the current IRA Rollover, scheduled to expire this December 2007, by making it permanent, removing the current $100,000 annual limit on donations, making all charities eligible to receive donations, and providing IRA owners with a planned giving option starting at age 59½.

AAM Letter to House Committee on Ways and Means asks for revisions to the Pension Protection Act of 2006 related to extending provisions for the IRA Charitable Rollover and to correcting provisions for donations of fractional interest gifts

Learn more from the Independent Sector IRA Charitable Rollover Resource Center. 

Artists Fair Market Value Deduction Legislation
AAM is working with the Association of Art Museum Directors on reinstating the provision in the tax code that would allow creators of original works to take a fair-market value deduction for self-created works given to a nonprofit institution.

The Artist Museum Partnership Act introduced both in the House and Senate would re-establish the right of artists, writers, and composers to take a fair-market value deduction for their works donated to museums, libraries or archives.

House: H.R. 1524
Senate: S. 548

Read more in the 2007 Arts Advocacy Day Artist Deduction issue brief.