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Senate Proposes Two Year Contribution Breaks, Permanent Limits on Deductions, DAFs and SOs

Senate Proposes Two Year Contribution Breaks, Permanent Limits on Deductions, DAFs and SOs

Senate Proposes Two Year Contribution Breaks, Permanent Limits on Deductions, DAFs and SOs

Donor Advised Funds and Supporting Organizations would face new restrictions to make them more “accountable”

After nearly a year and a half of Congressional controversy about perceived charity abuses, a discussion which morphed during the session into ideas to raise revenue from the charitable sector, the Senate has included a few tax breaks and a lot of regulation in the Tax Relief Act of 2005, passed late at night before the Thanksgiving recess. (S.B. 2020.) In addition to new rules for donor advised funds and supporting organizations, the Senate would impose a series of new requirements for claims of deduction for personal property

The major incentives for charitable giving, previously embodied in various versions of...

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