Byron Dorgan: “today I'm joined by Senators Kerry and Snowe in re-introducing the Public Good IRA Rollover Act, legislation to allow…”

“today I'm joined by Senators Kerry and Snowe in re-introducing the Public Good IRA Rollover Act, legislation to allow taxpayers to make tax-free distributions from their individual retirement accounts, IRAs, for gifts to charity. It is more important than ever to provide support to our nation's charitable organizations. Our struggling economy is placing an enormous financial strain on many charities, severely curtailing their funding at a time when the need for their services is greatest. I have heard from charities that people frequently ask them about using their IRAs to make charitable donations. However, many donors decide not to make a gift from their IRAs after they are told about the potential tax consequences under current law. Our IRA charitable rollover legislation would eliminate this concern. This single change to the Tax Code could put billions of additional dollars from a new source to work for the public good. A Salvation Army official once said that providing for IRA charitable rollovers 'would be the single most important piece of legislation in the history of public charitable support in this country.'”