A bipartisan bill introduced in the Senate on Wednesday would expand tax incentives for people who donate to charity from individual retirement accounts — a provision made permanent last year — to include gifts to donor-advised funds.
The Charities Helping Americans Regularly Throughout the Year Act (S. 2750), sponsored by Sen. John Thune, a Republican from South Dakota, and Sen. Ron Wyden, a Democrat from Oregon, would also change the foundation excise tax on net investment income to a flat rate of 1 percent. Currently the tax has two tiers: It is regularly 2 percent, but a foundation that makes grants that exceed its average payout amount over five years qualifies for a 1 percent tax.
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