Conrad Teitell reports on the America Gives More Act of 2014, noting the following:

Passes House 277-130. Most Democrats who voted nay favored the bill’s provisions but were opposed because cost offsets weren’t provided.

1. Tax-free charitable distributions from IRAs—extended permanently

2. Conservation easements—extended permanently

3. Food inventory gifts—extended permanently

4. Ability to make deductible gifts through April 15 (instead of by December 31)—new and permanent

5. Private foundations—lower and simplified excise tax—new and permanent

Expected Timetable:

• 1, 2 and 3 reported out by Senate Finance Committee (SFC) (with two-year extension), but Senate vote not expected until after November election

• 4 and 5—not in SFC Extenders bill

• White House waving veto pen

• Eventual legislation will be decided by House-Senate Conference Committee

To read more, see AMERICA GIVES MORE ACT OF 2014 (H.R. 4719) | Philanthropy Tax E-Letter.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.