The America Gives More Act, which was passed by the House on a 279-137 vote, seeks to make permanent tax breaks related to food inventories, land donations and gifts to charitable organizations. The legislation would also take the confusion out of the foundation excise tax by setting the tax at 1 percent across the board, rather than making it dependent upon the amount paid in grants (as it stands now).
These provisions are part of a set of “tax extenders” that would have to be renewed each year, a scenario that nurtures uncertainty and ambiguity for many donors. Current tax …read more
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