05 February 2015

Private Foundation Excise Tax Bill Headed to House Floor

On Wednesday, the House Ways and Means Committee marked up and approved a package of bills making permanent several expired tax provisions, including the IRA charitable rollover, the deduction for gifts of food inventory, and the deduction for conservation easements. The committee also approved legislation sponsored by Representatives Erik Paulsen (R-MN) and Danny Davis (D-IL) that would streamline the private foundation excise tax to one percent – a provision ACR has promoted for several years. House Majority Leader Kevin McCarthy (R-CA) indicated last week that the House could vote on all of these bills the week of February 9, but a final decision will not be made until next week. We are very pleased and will update you as the bill moves forward on the House floor.

This development comes just as we are gearing up for our annual ACR Summit for Leaders on March 18. With congressional staffers once again speaking on one of the panels at the Summit, attendees are sure to get the latest news and insights from Capitol Hill. To register for the ACR Summit as well as other events during Philanthropy Week in Washington, click here. Attendance is free.