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IRA Charitable Rollover Expired

Congress did not act to extend the IRA Charitable Rollover prior to its expiration on Dec. 31, 2011. Lawmakers are hopeful to pass a retroactive extension of the IRA charitable rollover in 2012.

Prior to its expiration, taxpayers age 70 ½ or older could 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. Last December, Congress passed a two-year retroactive IRA charitable rollover extension through Dec. 31, 2011 as part of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.

In 2011, U.S Senators Charles Schumer (D-N.Y.) and Olympia Snowe (R-Maine) and U.S. Representatives Wally Herger (R-Calif.) and Earl Blumenauer (D-Ore.) introduced the Public Good IRA Rollover Act of 2011 (S. 557, H.R. 2502), legislation that permanently extends and expands the IRA charitable rollover. While passage of the Public Good IRA Rollover Act is unlikely, lawmakers are hopeful that a short-term retroactive extension of the expired IRA charitable rollover will happen sometime in 2012.

CASE will continue to urge Congress to pass a retroactive extension of the IRA charitable rollover as soon as possible.

Updated Jan. 10, 2012

U.S. Legislative and Regulatory Affairs

• Charitable deduction
• Estate tax reform
• IRA charitable rollover
• Congressional scrutiny of endowments
• State registration for charitable solicitation
• Alumni association affinity programs
• Form 990
• Underwater endowments

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.