Congressional leaders announced to unveil new legislation

Tags:
Submitted by Ayanda-CSW Intern
Type: Threat
Groups:
Reported by: 
Suraj K. Sazawal
Organisation/Company: 
Charity and Security Network
Organisation/Company Location: 
Johannesburg, Gauteng
南非

Included in the American Jobs and Closing Tax Loopholes Act, H.R. 4213, congressional leaders announced this morning they would unveil new legislation to extend through the end of 2010 various tax incentives for charitable donations, including gifts made by older people from individual retirement accounts.

Impact: 

The bill would also ease rules governing employer contributions to defined-benefit pension plans, a move that would offer relief to charities whose plans have suffered investment losses during the economic downturn.

Affected persons or organisations: 

It would allow people age 70 1⁄2 and older to continue giving up to $100,000 a year from their individual retirement accounts to charity without having to pay taxes on the distribution. It would also extend tax provisions to encourage donations of property, food inventory, books to public schools, and computer equipment for educational purposes.

Submitted by Ayanda-CSW Intern
Groups:
Thu, 23/09/2010 - 16:34

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