IRA Rollover News from IS

TO: IS Legislative and Regulatory Affairs Advisors

FROM: David L. Thompson

Shortly before leaving for a two-week spring recess, the Senate incorporated into the FY 2009 Budget Resolution the Dorgan/Snowe amendment (# 4199) on reinstating expired tax relief, “such as enhanced charitable giving from individual retirement accounts, including life-income gifts,…” This is a victory for the nonprofit community and a tribute to the efforts of the many Independent Sector members who sent letters, made calls, and raised the profile of this important issue. While the budget resolution is not binding on Congress, it sets policy priorities for the year. We now focus on the conference committee between the House and Senate to attempt to keep the pro-IRA rollover language in the final version of the budget resolution.

We are also working to enact an extension of the IRA charitable rollover as part of a broader package of expired and expiring tax incentives, known as the “extenders package.” Such a bill could come up for a vote in the Senate this spring.

Using the Spring Recess

We ask that you use the next two weeks to communicate with U.S. Senators on the importance of extending the IRA charitable rollover. Go to these links for talking points and a sample letter. The basic, three-point message is this:

1) Impact: The charitable giving incentives and other tax extenders have a direct impact on the people and communities your state.

2) Urgency: Every day that passes is a lost opportunity for individuals to give back to their communities in your state. Donors cannot give through the IRA incentive, and the services funded by those gifts cannot be provided, until Congress acts to restore the provision.

3) The Ask: We urge you to immediately pass the package of expired tax incentives that does not add to the deficit.

It may also be possible to arrange for meetings through your elected officials’ local offices. Visit the IS website for more information on nonprofit advocacy and lobbying and election resources for 2008.