Senate Finance Committee Addresses Charitable Giving

Some new incentives passed in the SFC this last week -

1. A deduction for a portion of charitable contributions made by individuals who do not itemize their tax returns (with a floor of $250 or $500 for joint filers) and no cap.
2. Tax free distributions from IRA's for charitable contributions, allowing individuals to exclude contributions from their gross income taxabel IRA distributions for traditional and Roth IRA distributions made to a charity during the period form December 2005 - December 2007.
3. Modification of charitable distribution of food inventories from the present law.
4. Modifications to encourage contributions of capital gains real property made for conservation purposes.
5. And increased incentive for S corporations to make charitable contributions.

Look for more http://www.house.gov/jct/x-77-05.pdf