Individual retirement account charitable rollover
Each year since its enactment, the March of Dimes has worked with other tax-exempt organizations to successfully lobby Congress to extend the provision for an additional year. While the Foundation and other leaders in the nonprofit community have long recommended that the provision be made a permanent part of tax law, the revenue loss associated with its extension ($120 million annually) causes Congress to proceed more cautiously and instead consider the issue each year.
The House of Representatives passed the American Jobs, Closing Tax Loopholes, and Preventing Outsourcing Act of 2010 (H.R.4213) on May 28, 2010. The bill would extend the IRA charitable rollover, and a number of other expired tax provisions, through December 31, 2010. The extension would be retroactive to January 1, 2010. The Senate has not yet passed the legislation due to concerns about how the costs will be offset. The March of Dimes continues to urge Senators to reinstate and extend the IRA charitable rollover provision.