According to a February 1 article in The Chronicle on Philanthropy, Suzanne Perry reports that President Obama's budget proposals for fiscal 2011 "would limit to 28 percent the tax break couples earning $250,000 (or individuals earning $200,000) could get for their itemized deductions, including gifts to charity." A similar proposal failed Congressional endorsement last year.  MORE »

Senate Finance Committee Chairman Max Baucus (D-Mont.) and Ranking Member Chuck Grassley (R-Iowa), along with House Ways and Means Committee Chairman Charles Rangel (D-NY) and Ranking Member Dave Camp (R-MI), announced today their intent to introduce legislation that would help facilitate emergency aid and rebuilding efforts in Haiti following last week's devastating earthquake.  MORE »

House Ways and Means Committee Chair Charles B. Rangel, D-N.Y. has introduced legislation to accelerate the income tax benefits for cash charitable contributions made after January 11, 2010, and before March 1, 2010 for the relief of victims of the earthquake in Haiti.  MORE »

In a December 23 letter to Senate Finance Committee Chair Max Baucus, [D-MT] and ranking minority member Chuck Grassley, [R-IA], attorney Conrad Teitell of Cummings & Lockwood LLC, speaking on his own behalf, urged the Senators to confer with their colleagues and announce by year-end an estate tax compromise and discussed the consequences of not doing so.  MORE »

The S Corporation Inventory Contribution Act of 2009, S. 2841, introduced by Sen. Roland Burris, D-IL., would if enacted allow S corporations to deduct charitable contributions of inventory.  MORE »

S. 2794, introduced by Charles E. Schumer, [D-N.Y.], would provide tax incentives for the costs associated with donations of wild game meat.  MORE »

S. 2784, introduced by Sen. Thomas R. Carper, [D-DE], would permanently extend the estate tax as in effect in 2009.  MORE »

The Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009, introduced by House Ways and Means Committee member Earl Pomeroy, [D-N.D.], would repeal the new carryover basis rules and retain the estate tax with a $3,500,000 exemption.  MORE »

The House Ways and Means Committee has summarized the Tax Extenders Act of 2009 that would provide individuals and businesses with approximately $30 billion in tax relief in 2009 by extending for one year (through 2010) more than forty provisions that are scheduled to expire at the end of 2009. The Act extends more than $7 billion of tax provisions that encourage charitable contributions, provide community development incentives, provide tax relief in the event of a Presidentially-declared disaster, and support the deployment of alternative vehicles and alternative fuels.  MORE »

At a House Ways and Means subcommittee hearing on food banks and charitable giving on November 19th, Oversight Subcommittee ranking minority member Charles Boustany, R-La., stated, "President Obama's budget proposal to cap the value of itemized deductions at the 28% tax rate, while increasing the top rate to 39.6%, would have a detrimental effect on charitable giving," and "transfer more than $70 billion over ten years from charities to the federal government."  MORE »