URGENT: Last Chance to Reinstate IRA Charitable Rollover - (December 13, 2010)
Weigh in Now to Restore IRA Rollover
Congress is attempting to come to agreement this week on a broad tax package with many moving parts. Speak up now to ensure that the final product will include a provision to reinstate the IRA Charitable Rollover.
As the quotes from orchestras below demonstrate, the IRA Charitable Rollover provision has spurred new and increased giving to orchestras and thousands of other nonprofit organizations, supporting the valuable public benefits nonprofits share with their communities:
“One donor increased his annual gift by 10 times the usual amount, due to the IRA Rollover Provision. Others are just getting used to the possibilities the IRA Rollover provides.”
“I have personally seen the Rollover encourage larger gifts on the part of many generous individuals.”
“We depend on charitable gifts for approximately two-thirds of our annual revenue …The IRA Rollover has been instrumental in contributing to this needed support every year since it began, and this year resulted in the largest single gift ever to our orchestra.”
On December 31, 2009, the IRA Charitable Rollover expired along with a number of other tax provisions. The IRA Rollover allowed donors 70 1/2 and older to make up to $100,000 in charitable contributions directly from their individual retirement accounts (IRA), without paying taxes on the withdrawal.
Please CONTACT CONGRESS TODAY to ask for immediate restoration of this important charitable giving incentive. The League has prepared an easy-to-use advocacy tool, linked below. Please be sure to personalize the sample message with information about how contributions to your orchestra benefit your community. Thank you!
Contact Your Members of Congress Today!
Stay Tuned for the Results
The League will keep you posted about the outcome of Congressional action. The most recent version of the IRA Charitable Rollover proposal under consideration would reinstate this giving incentive for 2010 and extend it through 2011. Additionally, IRA Rollover charitable contributions made throughout January 2011 would be recognized as 2010 gifts for tax purposes. We will keep you posted on final action so that your orchestra can inform donors.
The League is a member of the Performing Arts Alliance, a coalition of national performing arts service organizations dedicated to advocating for national policies that recognize, enhance, and foster the contributions the performing arts make to America