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Feb. 12 — Legislation making permanent or modifying four charity-related tax breaks passed the House, though the Senate's top tax writer doesn't have plans to take up the measure, which is under a veto threat from the White House.
On a 279-137 vote, House members passed the America Gives More Act (H.R. 644), which would make permanent breaks for contributions of food inventory, certain tax-free distributions from individual retirement accounts for charitable purposes and a special rule for qualified conservation contributions. The bill also reduces the excise tax rate on investment income of private foundations.
The Joint Committee on Taxation released an estimate Feb. 12 saying the bill would increase the deficit by $14.3 billion over a decade.
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