Government Relations

Legislative Bulletin

December 20, 2010

President Signs into Law IRA Charitable Rollover Extension

President Obama has now signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which provides a two-year retroactive extension of the IRA Charitable Rollover. Specifically, the new law reinstates the Rollover for 2010 and allows any eligible gifts made by January 31, 2011 to be treated as a 2010 donation and be used to satisfy the taxpayer’s minimum distribution requirement for 2010. The new expiration date for the Charitable Rollover is December 31, 2011.

In addition to the Rollover extension, the new law contains a number of significant provisions that will impact the work of charitable gift planners. These include:

Two-year extension of all the 2001 and 2003 tax cuts.
Two-year adjustment of the estate tax with a $5 million individual exemption and 35 percent rate.
Two-year extension of the alternative minimum tax “patch.”
Two-year extension of various charitable giving provisions such as enhanced deductions for contributions of food inventory, increased limits for contributions of capital gain real property for conservation purposes, and special rules for contributions of property by S corporations.

For a detailed summary of the new law, click here. For background information and helpful articles on the specifics of IRA Charitable Rollover gifts, click here.