On July 28, 2006, the House of Representatives passed H.R. 4, the Pension Protection Act of 2006, which contains a charitable giving incentives package and a charitable reform package . The bill does not contain certain controversial Senate reform provisions such as a mandatory payout requirement for donor-advised funds and supporting organizations. The following is an outline of the bill’s charitable provisions:
Charitable Incentives Package
- Tax-Free Distributions From IRAs for Charitable Purposes
- Charitable Deduction for Contributions of Food Inventory
- Basis Adjustment to Stock of S Corporation Contributing Property
- Charitable Deduction for Contributions of Book Inventory
- Tax Treatment of Certain Payments to Controlling Exempt Organizations
- Qualified Conservation Contributions
- Excise Tax Exemption for Blood Collector Organizations
Charitable Reform Package
- Treasury Report on Certain Life Insurance Contracts
- Fines and Penalties Applicable to Charitable Organizations
- Charitable Contributions of Facade Easements
- Taxidermy and Substantiation of Exempt Use Property
- Recapture of Tax Benefit for Charitable Contributions of Exempt Use Property Not Used for an Exempt Use
- Clothing and Household Items
- Modification of Recordkeeping Requirements for Certain Charitable Contributions
- Partial Interest in Donated Property
- Appraisal Reform
- Credit Counseling
- Private Foundation Net Investment Income Excise Tax
- Convention or Association of Churches
- Notification Requirement for Exempt Organizations
- Encourage IRS Information-Sharing with State Charity Officials
- Public Disclosure of Information Relating to Unrelated Business Income Tax Returns
- Treasury Study on Donor-Advised Funds and Supporting Organizations
- Improved Accountability for Donor-Advised Funds and Supporting Organizations
Click here for the "Detailed Summary of Charitable Provisions" published by the Committee on Ways and Means.