December 16, 2014

Some Charity Giving Incentives Failed to Become Permanent

Related Service Tax & Business

Some Charity Giving Incentives Failed to Become Permanent Tax & Business
As we mentioned last week in an earlier Insights and Alerts Tax Flash, on December 3, the House voted to retroactively restore for 2014 nearly all of the tax provisions that expired at the end of 2013. The House Act, known as the Tax Increase Prevention Act of 2014 (HR 5771), included a one year extension for these expired provisions. This Act included several charity giving incentives.

As a follow up to our previous Flash, on December 11, 2014, the House failed to advance another bill, known as the Supporting America’s Charities Act, which would have made the IRS charity rollover and the enhanced deductions for donations for land conservation easements and food inventory permanent.

The Supporting America’s Charities Act, was brought to the House floor and required a two-thirds vote. The vote was 275 to 149 and, as a result, the bill did not pass.

On another note, the extenders, as noted above, has not yet been settled by the Senate. These are the last days in Congress, so consent is expected soon.