Wednesday, October 8, 2008

Charitable Donors benefit from "Bailout" legislation

In addition to the "financial rescue" provisions of the recently enacted Emergency Economic Stabilization Act of 2008 there are a number of tax provisions included in the legislation that will benefit charitable donors. Charitable components included in the legislation are an IRA Rollover Provision, Basis Adjustment to Stock of an S Corporation Making Charitable Contributions of Property, Enhanced Charitable Deduction for Qualified Computer Contributions, Enhanced Charitable Deduction for Food Inventory, Enhanced Charitable Deduction for Contributions of Book Inventory to Schools, Temporary Suspension of Limitations on Charitable Contributions, Increase in Standard Mileage Rate for Charitable Use of Vehicles, and Exclusion from Income of Mileage Reimbursements for Charitable Volunteers.

For a summary of these and other provisions in the Act go to :

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