Bill Containing Permanent IRA Charitable Rollover Passes House
The U.S. House of Representatives passed the Fighting Hunger Incentive Act by a vote of 279 to 137. The bill includes provisions to make permanent the IRA charitable rollover program that allows Americans ages 70-1/2 and older to donate up to $100,000 from their retirement accounts to charity without incurring taxes. The bill now will be sent to the Senate for a vote. President Obama has issued a veto threat on the legislation because the provision’s funding is not offset.