Partnership for Philanthropic Planning Urges Lawmakers to Extend Tax Provision

The Partnership for Philanthropic Planning sent a letter to the ranking members of the Finance and Ways and Means Committees today urging them to move forward with reconciliation on the Tax Extenders Act of 2009.

The Partnership for Philanthropic Planning is concerned with the extension of the Individual Retirement Account Charitable Rollover provision, saying a failure to extend could cause many major universities and hospitals to lose charitable donations. In her letter Tanya Howe Johnson, president of Partnership for Philanthropic Planning, asked lawmakers to bear in mind, “the many charities that rely on IRA rollovers from generous Americans. Prompt action by Congress on the IRA Charitable Rollover would help charities raise the money they so desperately need in this tough economic climate.” However, the bill contains a host of other extensions that may complicate passage.

According to OpenCongress:

This bill would extend the filing deadline for existing tiers of unemployment benefits until Dec. 31, 2010. COBRA health care subsidies for the unemployed would also be extended. Other provisions in the bill include an extension of the current rate of Medicare payments to doctors and dozens of targeted tax cuts. The total cost of the bill is estimated at $140 billion, with $80 billion of that being for the extended unemployment benefits. None of the cost is offset with new revenues.

With a crowded legislative calendar and fierce fiscal rhetoric set against the backdrop of economic uncertainty and high unemployment it will be interesting to see what happens with this bill.