Tax Benefit for Charity May Give Longer Life to Tax Provisions

For over 50 years, Bloomberg BNA’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

Dec. 8 — Efforts to make charity-related tax incentives permanent may prove to be a year-end gift for Democratic senators trying to push through a handful of other tax priorities.

If the scenario laid out to Bloomberg BNA by congressional staff and lawmakers Dec. 8 plays out, the House could pass a bill making the charity-related tax benefits permanent—a cause endorsed by lawmakers of both parties—leaving just enough time for the legislative pingpong necessary for Senate Democrats' priorities to be added. Congress is set to adjourn for the year at the end of the week.

Senate Finance Committee Chairman Ron Wyden (D-Ore.) didn't rule out that scenario, telling reporters Dec. 8 that conversations continue among lawmakers to extend some tax provisions beyond the end of 2014, the deadline in the House-passed extenders bill sent to the Senate for consideration Dec. 8. That bill is a one-year retroactive measure.