Jim Killian—Director, Communications & Marketing
Auburn University—Auburn, Alabama
United States
Public Policy
United States

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Senate Finance Committee Passes Two-Year Extension of IRA Charitable Rollover

On July 21, the U.S. Senate Committee on Finance advanced a two-year extension of the IRA Charitable Rollover as part of a bipartisan tax extenders bill. The vote was 23-3.

Prior to its expiration on Dec. 31, 2014, the IRA Charitable Rollover allowed taxpayers age 70 ½ or older to make tax-free charitable gifts of up to $100,000 per year directly from their Individual Retirement Accounts to eligible charities, including colleges, universities and independent schools. If enacted, the Finance Committee bill would retroactively extend the IRA Charitable Rollover for two years, from Jan. 1, 2015 through Dec. 31, 2016. 

While committee passage of a two-year extension is progress, the path forward for the bill remains unclear. Senate Majority Leader Mitch McConnell (R-Ky.) has not indicated when or if the extenders bill will be considered by the full Senate. Given the Senate's full floor schedule, the earliest the bill could be considered is September when lawmakers return from the August break period.

Additionally, House GOP leaders prefer permanent extensions of many of these tax provisions, including the IRA Charitable Rollover. In February, the House passed the America Gives More Act of 2015, a bill that includes a permanent extension of the IRA Charitable Rollover. However, the White House has stated that President Obama would veto the America Gives More Act and any other permanent extension bills that do not include revenue-raising offsets.

If House and Senate GOP leaders can agree on a path forward, there is a chance that the IRA Charitable Rollover could be extended early this fall. But the most likely scenario remains a late-year extension in December. CASE will continue to urge lawmakers to pass an extension of the IRA Charitable Rollover as soon as possible.

Updated July 27, 2015

U.S. Legislative and Regulatory Affairs

For further information about CASE's public policy efforts, contact Brian Flahaven, director of legislative, foundation and recognition programs, at flahaven@case.org or +1-202-478-5617.


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