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National Nonprofit Policy Update – October 2006
Nonprofit Provisions Signed Into Law
Pension Protection Act of 2006 (H.R.4) includes several nonprofit incentives and reforms, including an IRA rollover, tax deductions for food inventory contributions, doubling of excise taxes for rules violations, and new annual reporting requirements for small charities. For more information, read the United Way of America’s summary (PDF) and the response from the IRS.
Federal Grants and Contracts Database Approved
The House and Senate agreed on legislation (S.2590) that will create a publicly searchable database of federal grants and contracts. The launch is expected by January 1, 2008.
Charitable Incentive Proposed
Senator Johnny Isakson (R-GA) introduced the Personal Philanthropy Account Act of 2006 (S. 3881) (PDF), which would allow taxpayers to contribute pre-tax dollars to a “personal philanthropy account.” Read the bill summary by the Planned Giving Design Center.