To the Valley News:
With the approach of the holiday season, many think of giving to those most in need.
Since it was passed in 2006, the Pension Protection Act has been a popular way for people to support charities by transferring money out of their IRA funds without paying taxes. This makes it possible for donors to improve local schools, libraries, food banks, nursing homes, arts centers, and health care services
However, the current version of the act is set to expire at the end of this year. Congress should act now to preserve this valuable means for giving back to our community.
Extending the IRA charitable rollover will substantially benefit local philanthropy at a time when demand for its services has never been greater. In our community these contributions have been an enormous help to the victims of Tropical Storm Irene. Extending the rollover will help ensure that even modest gifts—which are especially important for small community foundations, where funds are often limited—assist the many worthy causes in our communities.
Senators Charles Schumer and Kirsten Gillibrand are among those calling for a permanent extension of the IRA rollover.
This giving season, let’s join these local elected officials in their support of charities and tell Congress to make it easier for us to give to charity by extending the Public Good IRA Rollover provision.
Adirondack Community Trust