Charitable Package

Charitable Package

Today the Independent Sector and more than 100 charitable groups sent a letter to House and Senate leaders urging Congress to enact a package of charitable giving incentives and reforms similar to those in the Senate's version of the Tax Relief Act of 2005 (H.R. 4297). Sen. Chuck Grassley, chairman of the Committee on Finance, has worked with the charitable community to develop a package that will strengthen charitable giving while protecting charities from bad actors who exploit
them for personal financial gain. The Independent Sector is a nonprofit, nonpartisan coalition of approximately 550 charities, foundations, and corporate philanthropy programs, collectively representing tens of thousands of charitable groups in every state across the nation. Grassley made the following comment on today's letter.

"Today's letter, signed by well over 100 charities, including some of the nation's pillars of philanthropy, in support of a strong, balanced charitable package, is a useful reminder to all members of Congress and the Administration that leaders of the nation's charities believe we have important work to do to help strengthen the nation's charitable community.

"Tax-exempt organizations, including charities, control $11 trillion in assets. The federal government forgoes the collection of about $280 billion each year from these groups. Congress has a big responsibility to make certain that those who enjoy these special tax benefits are acting for the public good.

"Congress hasn't given a thorough look at the laws governing tax-exempt groups since 1969. In the meantime, all too often, bad actors have filled the void to exploit charities for personal gain. I look forward to working with the Independent Sector and other leaders of the charitable community in getting a strong, balanced charitable package enacted into law."

http://finance.senate.gov/press/Gpress/2005/prg052606.pdf