SENATE MEASURE SEEKS TO SPUR FOUNDATIONS TO GIVE MORE
Submitted by Tommer on March 25, 2009
Three senators introduced legislation Tuesday intended to encourage foundations to give away more of their money.
The measure would change the way foundations are taxed on their investment income, replacing the current two-tiered system with a single tax rate. Foundations complain that the current system effectively penalizes them when they give away more money than usual.
“The need for philanthropy is greater than ever in this weakened economy, and we should be encouraging foundations to increase their charitable giving,” said Senator Charles E. Schumer, the New York Democrat who is sponsoring the bill along with Senators Debbie Stabenow and Carl Levin, Democrats of Michigan. Read More