Tax legislation: Its' impact on charitable giving

On the morning of August 5, 1999, it was announced that House and Senate conferees have reached agreement on a $792 billion tax cut bill. Later in the evening, on the same date, the compromise bill was passed by both The House and Senate. However, the President has vowed that he will veto the bill....

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Bibliographic Details
Published inTrusts & estates Vol. 138; no. 10; p. 17
Main Author McCue, Howard M
Format Magazine Article
LanguageEnglish
Published New York Informa 01.09.1999
Subjects
Beneficiaries
Capital gains
Charities
Congressional committees
Donations
Estate taxes
Gifts
Impact analysis
Income taxes
Legislation
Marriage
Philanthropy
Proposals
Provisions
Tax cuts
Tax deductions
Tax legislation
Tax rates
Taxation
Transfer taxes
United States > US
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Summary:On the morning of August 5, 1999, it was announced that House and Senate conferees have reached agreement on a $792 billion tax cut bill. Later in the evening, on the same date, the compromise bill was passed by both The House and Senate. However, the President has vowed that he will veto the bill. Any major tax legislation will have impact on charitable giving. Some of the proposals are examined to assess their impact on philanthropy. Any reduction in income tax rates can be expected to have a modest positive impact on charitable giving. In addition to the featured proposals of the tax cut legislation, there are a number of subtler proposals on the table that may have real impact on philanthropy. Several proposals include a new exclusion from gross income for certain qualified distributions from an IRA to a charitable organization, a split-interest qualified remainder trust, a pooled income fund or a gift annuity.
ISSN:0041-3682