The Council on Foundations - Charitable Reform Resource Center News: "President Signs Katrina Bill as Congress Eyes Long-Term Relief Measures
On Friday, President Bush signed The Katrina Emergency Tax Relief Act of 2005 (H.R. 3768), a bill that includes a number of charitable incentives designed to provide immediate relief to victims of Hurricane Katrina. This week, Congress is expected to begin consideration of longer-term relief legislation designed to help rebuild parts of the Gulf Coast.
As we reported last week, a last-minute change to H.R. 3768 excluded donor-advised funds, supporting organizations and most private foundations from the bill’s most important incentive to increase giving – the temporary suspension of the limitations on gifts of cash to public charities, private operating foundations, and governmental entities. This exclusion also prevents donors from contributing (“rolling over”) assets held in an IRA to a donor-advised fund without taking those assets into income.
“The Council on Foundations is surprised and very disappointed that Congress did not recognize the important contribution of private and community foundations to the Hurricane Katrina relief effort,” stated Cole Wilbur, the Council’s interim President and CEO. “The exclusion of charitable donations to donor-advised funds, supporting organizations and most private foundations from the Katrina relief bill will hinder efforts in the hurricane-affected areas and around the country as foundations seek to meet immediate and long-term community needs.” Read a San Francisco Chronicle article on the bill featuring comments from Janne Gallagher, the Council’s Vice President and General Counsel."
No comments:
Post a Comment