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IS Statement on Economic Stimulus for Nonprofits

October 29, 2008

Is_logo_color_horizontal_3Diana Aviv, president and CEO of Independent Sector, a coalition of charities, foundations, and corporate giving programs committed to advancing the common good in America and around the world, today submitted a statement to the House Ways and Means Committee in conjunction with a committee hearing on "Economic Recovery, Job Creation and Investment in America."

In her statement, Aviv offered five proposals that would help the nation's 1.5 million nonprofits weather these stormy economic times:

  1. Simplify the excise tax on private foundations so that foundations are not penalized for increasing their giving in times of need;
  2. Lift the ceiling on individual giving above 50 percent of gross adjusted income;
  3. Raise the annual $100,000 cap on gifts to charity from IRAs by Americans age 70.5 or older;
  4. Provide relief to nonprofits that sponsor defined benefit pension plans by extending the transition period for implementing new funding obligations enacted as part of the Pension Protection Act of 2006; and
  5. Establish a temporary revolving loan fund through which foundations could meet their commitments to grantees without having to sell assets that are temporarily but significantly undervalued. 

To read the complete statement, click here.

What do you think? Are these the right ideas at the right time? Are any of them likely to be enacted by this Congress? What about other ideas? Feel free to contribute your thoughts in the comments section....

-- Mitch Nauffts

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