The Senate Finance Committee today approved retirement legislation that includes the Legacy IRA Act, which would encourage charitable giving by enabling seniors to make tax-free contributions from individual retirement accounts (IRAs) to charities through life-income plans. Raymond P. Vara, Jr., chairman of the board of the American Heart Association, the world’s leading voluntary organization focused on heart and brain health, issued the following statement:
“Charities across the country have faced countless obstacles for more than two years. From inflation and fundraising difficulties to staffing shortages and supply chain delays, nonprofit organizations have been forced to make do with limited resources while continuing to assist and support their communities and facing higher demand for services than prior to the COVID-19 pandemic.
“The American Heart Association appreciates the Senate Finance Committee’s work to expand the IRA charitable rollover as part of the Legacy IRA Act. For many nonprofits, seniors make up the largest share of their donor bases. The new giving option outlined in the Legacy IRA Act would build upon the existing rollover and allow seniors to realize meaningful tax benefits while also securing added contributions for countless charities.
“The Legacy IRA Act, originally introduced by Senators Debbie Stabenow (D-MI) and Kevin Cramer (R-ND), represents an important tool in efforts to increase charitable giving that would provide nonprofits with the proper resources to support their communities. We urge the full Senate to make this common-sense bill a reality for seniors and the organizations they support.”