The IRA Charitable Rollover, which provided individuals 70-1/2 years old and older with an annual exclusion of up to $100,000 from their gross income for qualified charitable distributions from IRAs, expired on December 31, 2007.  Despite efforts by some legislators to get either a temporary or permanent extension of the provision passed into law, this has yet to be accomplished.

Independent Sector reports:

Congress is expected to take up legislation in early 2008 to extend expired tax provisions, possibly retroactive to January 1. Independent Sector is working with others in the charitable community to ensure that the IRA rollover is included in that legislation.

At a recent NCPGC program, Janne Gallagher, Vice President and General Counsel of Council on Foundations, stated her optimism of getting an extender for one or two years.  However, she added that legislation on this issue may not be passed until the end of the year, largely because of differing opinions on the need for offsets to replace lost revenues, making tax planning difficult.

Keep track of the status of the IRA Charitable Rollover at Independent Sector’s IRA Charitable Rollover Resource Center.