Byron Dorgan: “today I'm pleased to be joined by Senators Snowe, Kerry, Smith, and Schumer in re-introducing legislation we call the…”

“today I'm pleased to be joined by Senators Snowe, Kerry, Smith, and Schumer in re-introducing legislation we call the Public Good IRA Rollover Act to allow taxpayers to make tax-free distributions from their individual retirement accounts (IRAs) for gifts to charity. I think that the charitable IRA rollover approach in this legislation, which has received strong support from the charitable community, will encourage significant new giving. As a Nation, we often look to a strong network of charities, large and small, to offer financial and other support to families and individuals who need help when government assistance is unavailable. That is why I think it's critically important for Congress to do everything we can to help encourage the work of worthy charities. Unfortunately, Congress has tried but failed in the past several years to pass major legislation that would be helpful to the Nation's charities. This legislation has stalled, in part, because of the efforts of some in Congress to add controversial measures that undermine the bipartisan support needed to enact this kind of legislation into law. One of the non-controversial tax incentives included in the Senate's version of that legislation is our measure that would permit individuals to make gifts to charities from their IRAs without adverse tax consequences.…”