The tax deal passed by Congress on January 1 has encouraging but mixed results for charitable giving, and leaves much further work to be done throughout the coming year. The “American Taxpayer Relief Act of 2012,” as the bill is named, protects communities from the most dramatic caps to charitable deductions that were under consideration, reinstates the IRA Charitable Rollover provision, but also includes reinstatement of a more modest limit to all deductions for higher-income earners. Because the deal is a short-term fix to the fiscal cliff, we can expect further advocacy needed in the months ahead as Congress deals with the unfinished business of mandatory spending cuts and tax reform.
The League’s online update provides further details – and a short video analysis from our DC team provides important context.
Posted January 14, 2013
