The Public IRA Rollover Act
Wexler co-sponsors H.R. 1419

Congressman Wexler recently became a co-sponsor of H.R. 1419, the Public Good IRA Rollover Act of 2007, which extends and expands current tax law relating to the use of individual retirement accounts (IRAs) for charitable purposes.

This important legislation would make permanent the current limited IRA charitable rollover, which permits individuals at age 70 ½ to make tax-free charitable gifts of up to $100,000 directly from their individual retirement account to eligible charities.  This bill would also enhance the current law by removing the $100,000 annual cap and providing IRA owners at age 59 ½ with a planned giving option, such as a charitable gift annuity or charitable remainder annuity trust.

“Charitable rollover gifts are a great way for individuals to make tax-free donations to their favorite charities,” Wexler said.  “I believe it is important that we encourage this practice, which has benefitted many organizations in South Florida and across the country. 

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