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Charitable Giving Provisions in Pension Protection Act of 2006

The Pension Protection Act of 2006 enacted numerous provisions relating to charitable contributions:

  • Individual Retirement Account (IRA) owners age 70 ½ or older are permitted to directly transfer tax-free, up to $100,000 per year to an eligible charity.
    • Notice 2007-7 clarifies several issues related to this provision.
  • Charitable contribution deductions for food, books, and certain conservation property are increased.
  • Charitable contribution deductions for monetary donations, certain easements, taxidermy property, clothing and household goods, and certain other items are limited and substantiation requirements changed.
    • Notice 2008-16 provides guidance on the new reporting requirements, as applied to lump-sum charitable contributions made through the Combined Federal Campaign or a similar program (e.g., a United Way campaign).
    • Notice 2007-50   provides guidance on new percentage limitations imposed by Code section 170(b)(1)(E) on qualified conservation contributions made by individuals.
    • Notice 2006-110  provides guidance on new recordkeeping requirements for charitable contributions made through payroll deductions.
    • Notice 2006-96   provides guidance regarding appraisal requirements for noncash charitable contributions, including transitional guidance relating to the definitions of qualified appraisals and qualified appraiser.
    • The IRS highlighted changes that may affect charitable giving in News Release IR-2006-192.

     

Page Last Reviewed or Updated: 17-Mar-2014