IRA Rollover May Expire Soon: Act Now (7/24/07)

IRA Rollover May Expire Soon—Take Action!

Unless Congress takes action, an important charitable giving incentive will expire soon.  The IRA Charitable Rollover, enacted in August 2006, allows individuals to make charitable gifts from their IRAs tax-free and has already spurred millions of dollars in new giving to nonprofit organizations.  This provision is set to expire on December 31, 2007.  Whether you are an orchestra professional or donor (or both!), please contact your members of Congress and urge them to co-sponsor bills that will improve and extend this important charitable giving incentive!

Your Orchestra Can Receive IRA Gifts Now

Before enactment of the IRA Rollover provision, individuals who made charitable gifts from their retirement accounts had to withdraw funds and treat them as taxable income, reducing the amount available for donation to charity.  Orchestras report that the IRA Charitable Rollover is producing new gifts, with the potential for more if donors can be made aware of this new giving incentive.

IRA Rollover—Current Status

  • Enacted as part of the Pension Reform Act of 2006
  • Permits donors age 70 ½ and older to make tax-free charitable gifts directly from their IRAs
  • Caps qualifying gifts to an annual ceiling of $100,000
  • Expires December 31, 2007

Learn How Donors Can Use the Current IRA Provision

 

Speak Up to Support Future Giving

You can take action to help your orchestra and community benefit from the IRA Charitable Rollover provision by asking your members of Congress to co-sponsor legislation that would improve and preserve this important charitable giving incentive.  By raising your voice, you will be joining thousands of other advocates in the arts and nonprofit communities calling for Congress to support the IRA Charitable Rollover.

IRA Rollover—Proposed Legislation

  • Reduces the qualifying age to 59 ½
  • Removes the $100,000 cap
  • Makes this charitable giving incentive permanent

Contact Congress Today:

1. Contact your Representative in the House and both Senators.   A faxed, personalized letter will get the most attention.

2. Convey the following message to your member of the House of Representatives: "Co-sponsor H.R. 1419, legislation to extend and improve the IRA Charitable Rollover provision, which will provide important new incentives for charitable giving."  Send the following message to your Senators: "Co-sponsor S. 819, legislation to extend and improve the IRA Charitable Rollover provision, which will provide important new incentives or charitable giving."  Use the talking points in our issue brief, and personalize your message with information about how increased charitable giving could benefit your orchestra and your community.

3. Very Important Final Step: Please send League Government Affairs a copy of your communication with Congress.  The League will be following up with Hill offices, and can reinforce your advocacy efforts.

Thank you!
 
pdf View Background and Talking Points for Orchestras 60.60 Kb
 

Please direct any related questions to Heather Noonan, Vice President for Advocacy, This email address is being protected from spambots. You need JavaScript enabled to view it. or Najean Lee, Government Affairs & Education Advocacy Manager, This email address is being protected from spambots. You need JavaScript enabled to view it. .

The League is a member of the American Arts Alliance, a coalition of national performing arts service organizations dedicated to advocating for national policies that recognize, enhance, and foster the contributions the performing arts make to America.