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Government AffairsIRA Charitable Rollover Update - May 5 2008 We encourage AFP members to contact their US Senators, via FAX and also by phone, to ask that they act favorably on S.2866 (Bacus-Grassley Alternative Minimum Tax and Extenders Tax Relief Act of 2008) before Memorial Day 2008. This bill includes an extension of the IRA charitable rollover provision that expired December 31, 2007. In your letter and phone calls, please refer to the following sample letter and IRA rollover talking points: Your letter should be faxed to your Senator and followed-up by a telephone call, if possible. It is most helpful if the letter is signed by the CEO of your organization. To find your US Senator scroll down
to the 2007-2008 San Diego County Lawmakers Consider Estate Tax Reform Lawmakers are taking a number of steps toward reforming the federal estate tax this year. Most recently, the Senate approved its fiscal year 2009 budget resolution, S. Con. Res. 70, which included language that would make permanent the estate tax in its 2009 form, when the exemption level will be $3.5 million for an individual ($7 million for a couple) and the top tax rate will be 45 percent. Notably, this language was added to the budget resolution by an amendment from Senate Finance Committee Chairman Max Baucus (D-MT) and was approved by a vote of 99-1. Five other estate tax reform amendments were defeated. Although the budget resolution is a non-binding document, it is a good indication of how Congress may ultimately choose to reform the estate tax later this year. In addition, the Senate Finance Committee recently held a hearing on “Alternatives to the Current Federal Estate Tax System.” For more information, click here. This hearing was a follow up to a November 14, 2007 hearing, “Federal Estate Tax—Uncertainty in Planning Under the Current Law.” The Senate Finance Committee plans a third hearing in April 2008 on the estate tax. IRS Set to Release New Form 990 Instructions The IRS expects to issue draft instructions for its redesigned Form 990 in April. A public comment period of 30-45 days is expected. In December, the IRS released a redesigned Form 990, Return of Organization Exempt from Income Tax, for tax year 2008 (to be filed in 2009 and later years). For more information on the redesigned Form 990, which will alter how organizations must report charitable contributions, click here. 2007-2008 San Diego County Directory of Public Officials To assist you in knowing who are the public officials in San Diego county the following directory has been provided. Click on this link to access public officials for the following offices: Federal, State, State Legislature, County, and incorporated cities. In addition, the following links have also been provided:
AFP Urges Congress To Include IRA Rollover In Stimulus Package January 28, 2008 - AFP has submitted a written statement to the Senate Finance Committee, urging Senators to include an extension of the IRA Rollover provision in the economic stimulus package currently being considered. Last week, the committee, chaired by Sen. Max Baucus (D-Mont.), held two hearings focused on the economic stimulus package that Congress hopes to pass in order to prevent a recession. The hearings coincided with the U.S. House of Representatives’ consideration of a similar package. During the hearings, Chairman Baucus remarked that “fiscal stimulus must be timely. That means that once enacted, the stimulus must take effect quickly. . . . Fiscal stimulus should be well-targeted. Stimulus should be targeted on those who most need the help.” AFP's Response In response to the hearings, Paulette Maehara, CFRE, CAE, AFP’s president and CEO, submitted a written statement to the committee, urging members to include an extension for the IRA Rollover provision. The current provision expired on Dec. 31, 2007, due to Congress’ inaction. Under the provision, a donor who had reached the age of 70½ was allowed to exclude from his or her income any IRA funds up to $100,000 that were withdrawn and transferred to a charity when filing a tax return for the year of the transfer. “One way of spurring economic prosperity in our country is to enhance the charitable sector’s ability to provide its philanthropic programs and services that add so much to the nation’s economy,” noted Maehara. “However, to provide its essential services and programs, the charitable sector needs resources...Prior to its expiration on Dec. 31, 2007, the IRA Rollover provision was providing such vital resources to the charitable sector on a very large scale.” Maehara added that the IRA Rollover provision has brought in over $136 million in new gifts for the charitable sector according to a recent National Committee on Planned Giving survey. A copy of AFP’s statement is here...
What You Can Do AFP urges all members to call their two Senators and U.S. Representative and request that Congress include an extension of the IRA Rollover provision in the economic stimulus package. Detailed instructions are below.
2007 Public Policy Update Click here for information on the 2007 report posted to the Public Policy Section/Public policy updates page. AFP’s 2007 Year End Public Policy Update includes an update on:
Call Out to Chapter Members Who Have Experience We are looking for chapter members who have government relations/affairs experience to be part of the Government Relations committee. We are also looking for chapter members who have contacts with county or state government officials. Please contact Dave Ricks, CFRE, Government Relations Chair, 619-682-7421. |
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