Association of Fundraising Professionals | U.S. public policy issues | U.S. federal issues
(Sept. 26, 2005) Congress has passed a Hurricane Katrina tax relief bill that does not include the IRA Rollover provision, but does contain a new incentive that could encourage additional giving.
As reported last week, the House and Senate introduced and passed two separate Katrina tax relief packages. The Senate bill originally included the IRA rollover provision and a proposal allowing the Internal Revenue Service to share information about tax-exempt organizations with state governments. Because of strong opposition from the House, those two provisions were stripped from the bill during House-Senate negotiations.