Nonprofit organizations are critical to our nation’s health, well-being, safety, and productivity. Each year, charitable contributions to nonprofits totaled $316 billion in 2012. These charitable contributions allow the Prevent Cancer Foundation, and over one million U.S. nonprofit organizations, to address some of society’s most intractable challenges and provide vital resources and services to individuals, families, and communities in need.
The federal government has historically encouraged such giving by providing itemized deductions. Yet due to fiscal shortfalls, proposals have been put forward to change the charitable giving incentive, which could be devastating to nonprofits, but more importantly to the millions of people that depend on valuable resources, services, and initiatives.
In order to support charitable giving, the America Gives More Act of 2014 (HR 4719) would permanently extend three expired charitable giving incentives (food inventories, conservation easements, and the IRA rollover) as well as expanding the food donation provision and permitting taxpayers to claim charitable deductions from the previous year until April 15th.
In addition, the bill would simplify the current two-tiered foundation excise tax to a flat one percent rate.
The Prevent Cancer Foundation is pleased to support the America Gives More Act of 2014 and we encourage you to consider supporting it as well. The House passed the bill in July, and it must be included in an end of the year tax bill in order to be passed into law.
Don’t forget to sign up to be a Prevent Cancer Foundation advocate today.