Federal Advocacy
Florida Philanthropic Network thanks the Council on Foundations for these policy updates.
October 3, 2008 Legislative Network
Tax Extenders Bill Passes Congress and Signed by President; Includes IRA Rollover Extension
In response to the stalemate over tax extenders legislation in both chambers of Congress, the Senate this week approved H.R. 1424, the Emergency Economic Stabilization Act, and attached to it, a tax extenders package that includes a two-year extension of the IRA charitable rollover and other expired or expiring charitable incentives. In addition, the bill increases the amount the Federal Deposit Insurance Corporation (FDIC) insures bank deposits from $100,000 to $250,000 and includes a mental health parity provision that provides comprehensive mental health coverage for individuals.
The amended bill went to the House on Thursday and even though the tax extenders portion of the bill was only partially paid for, the House, which earlier rejected a $700 billion rescue package, approved H.R. 1424 today. The bill’s major provision, which authorizes the Treasury Department to buy up to $700 billion in troubled assets, remains unchanged from the version the House rejected earlier last week. H.R. 1424 also includes a one year extension of the individual alternative minimum tax (AMT) patch and tax relief targeted to disaster victims. President Bush signed the bill into law early this afternoon.
A continuing resolution that would fund the government through March 6, 2009, was passed by the House and Senate and was also signed by the President this week, allowing Congress to recess until after the November elections.
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Encourage Your Senators to Join the Senate Philanthropy Caucus
The need for the philanthropic and public sectors to partner is greater than ever before.
This is the reason why we are asking you to help support the Senate Philanthropy Caucus by sending your senators a letter encouraging them to join the caucus. Similar to the Congressional Philanthropy Caucus, the Senate Philanthropy Caucus will inform senators and their staff about the important role that foundations play in our communities and around the world.
Launched in July 2008, the Senate Philanthropy Caucus currently has five members. Thanks to those of you who have encouraged your senators to join!
- Senator Charles Schumer (D-NY) – Co-chair
- Senator Richard Burr (R-NC) – Co-chair
- Senator Daniel Inouye (D-HI)
- Senator Carl Levin (D-MI)
- Senator Olympia Snowe (R-ME)
The Philanthropy Caucuses will bring the following issues to the 2009–2010 congressional legislative agenda:
- strengthening and renewing charitable giving incentives
- reforming the estate tax
- supporting donor advised funds and supporting organizations
- simplifying the excise tax
For your ease and convenience we have prepared a sample letter, which you can find in our Policy Action Center. After you send the letter, we encourage you to follow up by calling your senator’s Washington, DC, office and ask him or her to join the caucus. Please let us know if you receive word that your senator is interested in joining the caucus. If you have any questions, please feel free to contact Jennifer Novesky at Jennifer.Novesky@cof.org or 703-879-0693.
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Webinar: Are You Ready for the New Form 990?
Join Kelly Shipp Simone, Senior Staff Attorney at the Council on Foundations, on Monday, November 3, 2:00pm–3:30pm, ET for a free webinar on the new Form 990. (The webinar is supported by the Council’s Building Strong and Ethical Foundations Program.)
During the webinar, Shipp Simone will:
- highlight and discuss the new form’s important provisions and instructions
- explain how to fill out the form
- discuss compliance issues and how to prevent common errors
- help grantmakers understand how to review a Form 990 from a grantseeking organization
To join this webinar, register online or download the registration form. The webinar can accommodate up to 300 participants so registration will be granted on a first-come, first-served basis. Please note: The Council will not provide a live question and answer period during the webinar, but will accept questions in advance. We encourage participants who have questions about the new Form 990 to submit those questions by Friday, October 17. Send your questions to legal@cof.org with the subject line “New Form 990 Question.” The Council will incorporate questions with the broadest application into the Form 990 presentation and develop a standalone Q&A document to supplement the webinar recording. Both the webinar and the Q&A document will be available on the Council’s website.
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This Week in Congress
Both chambers will be in recess through the election.
Senate
Senate Majority Leader Harry Reid (D-NV) hinted at the Senate conducting a lame-duck session during the week of November 17, when Senators will be in Washington to elect party leaders. Among other pending legislation, Senators will focus on a package of land bills that have been blocked by Senator Tom Coburn (R-OK).
House
House Majority Leader Steny Hoyer (D-MD) would not commit to holding a lame-duck session after the elections.
