To the applause of the nonprofit community, Senate Finance Committee member John Thune (R-S.D.), and Committee ranking minority member Ron Wyden (D-Ore.), in April introduced Charities Helping Americans Regularly Throughout the Year (CHARITY) Act (S. 2750). Important elements of the bill include:
- allowing donor-advised funds to receive charitable IRA distributions;
- simplifying the standard mileage rate for using a personal vehicle for volunteer work;
- replacing the two-tiered excise tax on the net investment income of private foundations with a single 1% rate; and
- expressing the sense of the Senate that promoting charitable giving be a goal of tax reform.
Despite the bipartisan support, no action is expected this year, given the presidential nominating conventions in July, followed by the August recess and the fall campaigning.
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