Council on Foundations Statement on the Introduction of the CHARITY Act
Today, the Council on Foundations released the following statement from President and CEO Vikki Spruill:
“Today’s introduction of the ‘Charities Helping Americans Regularly Throughout the Year Act of 2017’ (CHARITY Act, S. 1343) is a welcome step towards protecting and growing our nation’s rich tradition of encouraging charitable giving. Among the legislation’s important elements are three essential provisions: (1) it expands the IRA charitable rollover to allow for distributions to donor advised funds (DAFs); (2) it simplifies the private foundation excise tax to a flat rate of 1%; and (3) it contains important language calling for the preservation of the full value and scope of the charitable deduction. These provisions will go a long way towards clearing hurdles that can stymie charitable giving and subsequently will make resources available to millions of people who need them.
The Council on Foundations is especially thankful to the bill’s authors, Senators John Thune (R-SD), Bob Casey (D-PA), Ron Wyden (D-OR) and Pat Roberts (R-KS), for being such steadfast partners with the philanthropic sector in our efforts to promote social good. We appreciate the opportunity to collaborate in the crafting of this bill and look forward to working with the Senate sponsors to support this bill’s passage. Amidst the ongoing public debate over comprehensive tax reform, this legislation moves forward long held priorities that help ensure that charitable giving, a hallmark of our society, will be protected in any comprehensive tax reform.”
About the Council on Foundations
An active philanthropic network, the Council on Foundations (www.cof.org), founded in 1949, is a nonprofit leadership association of grantmaking foundations and corporations. It provides the opportunity, leadership, and tools needed by philanthropic organizations to expand, enhance and sustain their ability to advance the common good. With members from all foundation types and sizes, the Council empowers professionals in philanthropy to meet today’s toughest challenges and advances a culture of charitable giving in the U.S. and globally.