Colorado Probate Blog - Wade Ash Woods Hill & Farley, P.C.

On December 11, the U.S. House of Representatives failed to pass the "Supporting America's Charities Act" that would have made permanent the ability of a taxpayer at least age 70 1/2 to make a direct charitable contribution from his or her IRA.  This provision expired at the end of 2013.  A majority of representatives voted for it, but House rules required a 2/3 vote.  The President had indicated his intention to veto the bill because it did not include any revenue provisions to offset the deductions.

Congress did not pass an extension of the opportunity for taxpayers age 70-1/2 and older to contribute up to $100,000 from an IRA directly to charity, so that income exclusion expired at the end of 2013. On May 29, 2014, the House passed H.R. 4619 (The "Permanent IRA Charitable Contribution Act of 2014") that would make that income exclusion permanent. In addition, the House also passed H.R. 3134 (The "Charitable Giving Extension Act") which would allow an individual taxpayer to deduct charitable contributions made after December 31, but before the due date of the individual's return; and H.R. 2807 (The "Conservation Easement Incentive Act of 2013") that would make permanent some of the liberalized rules for deducting the value of charitable contributions of conservation easements (that also expired at the end of 2013). Tax extender bills have stalled in the Senate, so it is unknown whether this will pass in time to permit taxpayers to make this kind of contribution in 2014.