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Provision on the Currency Exchange Rate Oversight Reform Act
By Children’s Home Society of Florida Foundation
Senator Charles Schumer and 15 co-sponsors of the Currency Exchange Rate Oversight Reform Act of 2010 included provisions that would make four charitable deductions permanent. The bill is designed to modify the laws on currency transactions but it provided a platform to add in the four charitable provisions.
Assessment
The senators propose making permanent the IRA Charitable Rollover, the deduction for gifts of food inventory, the deduction for gifts of book inventory to public schools and the enhanced deduction for gifts of computers for educational purposes.
Editor’s Note: While there may not be prompt action on this bill, it is very encouraging that these 16 senators believe it is important to extend these four charitable provisions permanently. The IRA Charitable Rollover was the first of the four in the bill. That suggests that there is strong support in the Senate for permanent status for the rollover. And, as of the date of this publication, the House has passed the tax extenders including the Charitable IRA Rollover but the Senate has been unable to come to agreement on a bill. It is possible that the Senate may act in September to attach the 40 tax extenders to legislation. While that is the earliest possible date for passage of the IRA Charitable Rollover for 2010, it is still probable that the rollover will pass with an effective date of January 1, 2010.
Conclusion
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Filed under: Retirement and Benefits, Taxation | Tagged: Charles Schumer, Currency Exchange Rate Oversight Reform Act, IRA Charitable Rollover | 2 Comments »
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