“A recent change to the U.S. Tax Code is being seen by Sacramento area nonprofits as a major win for their capacity to raise funds through charitable giving,” reports Edward Ortiz in Saturday’s (1/9) Sacramento Bee (California). “The change comes by way of Congress’ passage and President Barack Obama’s signing in December of a provision to make charitable rollovers from individual retirement accounts permanent. The rollover option, under the Protecting Americans from Tax Hikes Act of 2015, permits individuals 70 1/2 years or older to roll over as much as $100,000 from an IRA directly to a qualifying charity or nonprofit.… By designating funds to go directly to charity, individuals can limit their taxable income and avoid consequences for Social Security and Medicare benefits based on income.… At the Sacramento Philharmonic, the permanency of the tax rollover option will make for a more stable, long-term fundraising horizon, said Alice Sauro, executive director. ‘The long-term planning is significant in that it gives us the ability to build a funding program around it without wondering if the program will need to be dissolved from one year to the next,’ Sauro said.” For more from the League of American Orchestras on this topic, click here.
Posted January 11, 2016
