House Bill Would Extend Tax Break for Gifts of IRAs to Charity

Until the provision expired at the end of 2007, an IRA owner who was older than 70 1/2 could transfer up to $100,000 from his or her IRA to charity without paying income tax on the withdrawal from the IRA.  On May 21 the House passed a bill that would extend this tax break for one more year, untill December 31, 2008.  See the story in the Chronicle on Philanthropy.

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