SENATORS PROPOSE MEASURE TO ENCOURAGE FOUNDATIONS TO GIVE MORE
Submitted by Tommer on March 27, 2009
A new bill pending in the Senate is designed to simplify the tax code for private foundations and encourage them to give more money to charity as the recession continues.
The bill, S 676, would change the way foundations pay excise tax on their net investment income.
By eliminating a simple provision in the law that creates a tax penalty when foundations increase their charitable giving, we can encourage greater foundation philanthropy and expand the reach of the invaluable charitable work they fund,” said Sen. Carl Levin, a Michigan Democrat. Mr. Levin is sponsoring the bill with Sens. Charles E. Schumer, a New York Democrat, and Debbie Stabenow, a Democrat from Michigan.