The House Committee on Ways and Means passed bills that would make permanent several temporary tax breaks and simplify provisions of the tax code. Five of these bills are of interest to tax exempt organizations. These bills would:
- Make permanent the rule allowing certain tax-free distributions from IRAs for charitable purposes (H.R. 637)
- Permanently extend the higher deduction limits and potential 15-year carry forward of conservation easement gifts (H.R. 641)
- Permanently extend the deduction for charitable contributions of food inventory (H.R. 644)
- Make permanent rules regarding basis adjustments to stock of S corporations making charitable contributions of property (H.R. 630)
- Simplify the current 1% and 2% excise tax on private foundation income with a single 1% rate (H.R. 640)
The bills are now before the full House.