Statement by Diana Aviv, President and CEO, Independent Sector On the Introduction of the Public Good IRA Rollover Act of 2007

More than 550 Charities Applaud Senators Dorgan, Snowe and Representatives Pomeroy, Herger

(Washington, D.C., March 8, 2007) -- Independent Sector applauds Senator Byron Dorgan (D-ND) and Senator Olympia Snowe (R-ME), who today introduced the “Public Good IRA Rollover Act of 2007,” a valuable giving incentive that encourages older Americans to donate to charitable organizations improving their communities.

We thank Senator Dorgan and Senator Snowe for their commitment to extending and broadening the current IRA Charitable Rollover, which allows people to make charitable contributions directly from their IRAs without suffering adverse tax consequences. Unless the new bill is enacted, this giving incentive will expire at the end of this year.

We also commend Representative Earl Pomeroy (D-ND) and Representative Wally Herger (R-CA) for their important leadership in introducing counterpart legislation in the House of Representatives.

In letters delivered to Senators Dorgan and Snowe and Representatives Pomeroy and Herger, more than 550 charitable organizations from 47 states and the District of Columbia have explained how this new legislation would help people across the country and around the world. Since it was enacted in August 2006, the IRA Charitable Rollover has enabled Americans to make millions of dollars of new contributions to the nonprofits -- including hospitals, museums, educational institutions, and religious organizations -- that benefit people every day. Thousands of older Americans have accumulated adequate funds in their IRAs to meet their retirement needs and also to give back to their communities, and they are counting on this provision to help them do so in the coming years.

Charities across the nation are already able to show the value of the IRA rollover to their communities. The resulting gifts -- ranging from as little as $10 to the legal maximum of $100,000 -- have helped organizations build cancer centers, develop programs for counseling at-risk youth, support housing for homeless families, conserve wilderness areas, and provide art therapy for people with developmental disabilities. Extending and expanding the IRA rollover would generate millions of additional charitable donations that would help improve lives.

Learn more about the Pension Protection Act and the IRA Charitable Rollover.

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Independent Sector is a nonprofit, nonpartisan coalition of approximately 575 charities, foundations, and corporate philanthropy programs, collectively representing tens of thousands of charitable groups in every state across the nation. Its mission is to advance the common good by leading, strengthening, and mobilizing the charitable community.