Will Congress extend the expired charitable/IRA law retroactively for 2015? If so, when? What should clients do? A primer on how to do it right to assure benefits is below.
Will Congress extend the expired charitable/IRA law for 2015? The House in the spring passed H.R. 644 of the America Gives More Act, a permanent extension of the expired law, part of the Pension Protection Act of 2006. The Senate Finance Committee reported out an extension retroactively for all of 2015 and prospectively for 2016. But the Senate hasn’t voted yet. The committee bill would extend about 50 other expired laws. The Charitable/IRA (and other charitable tax benefits) and business and personal tax benefits have expired several times over the years. Congress has extended those benefits often at the very end of the year—and even retroactively early in the year following expiration.
