An important bill that could mean additional current revenue to your organization has been introduced by Senators Chuck Schumer (D-NY) and Olympia Snowe (R-ME). The Public Good IRA Rollover Act of 2011 (S. 557) would extend the IRA charitable rollover beyond 2011, lift the $100,000 cap on distributions, and allow planned gifts beginning at age 59½, which is currently limited to age 70½ . Hundreds of millions of dollars have passed from IRA funds to charitable organizations in the past few years under similar legislation. The new law, if enacted, would also allow IRA charitable rollovers to be made to donor-advised funds, supporting organizations, and private foundations, which is currently prohibited. Representatives from charitable organizations are encouraged to contact their Senators and ask them to support the charitable sector by co-sponsoring S. 557.
To see more information go to the Legislative Update section of the Partners for Philanthropic Planning website. To find your Senators’ contact information go to http://www.senate.gov/general/contact_information/senators_cfm.cfm.