Restoring and Extending Tax Incentives

 

Also on the “must pass” list for Congress is enactment of an end-of-year tax bill that restores numerous expired tax incentives. House and Senate leaders and tax writers appear to be committed to passing tax legislation in December, but the scope and content are in dispute. A Senate Finance Committee bill, known as the EXPIRE Act, would restore and extend through 2015 a package of 55 expired tax provisions, including three supported by the nonprofit community – the IRA rollover and the enhanced deductions for donations of food inventories and land conservation easements.

 

House negotiators reportedly are pushing to make several provisions permanent, such as the three charitable incentives approved by a wide, bi-partisan margin in the House in the America Gives More Act. That bill also expands the food inventory incentive, streamlines the foundation excise tax, and extends the deadline to April 15 for making charitable donations in the previous tax year. Some conservatives in the House, however, reportedly are calling for a one-year extension of all of the expired provisions to give themselves more leverage for changes when the new Congress convenes in January.