Organizations in Support of the Public Good IRA Rollover Act of 2007

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Over 900 organizations signed on as of
September 4, 2007

The Honorable Byron L. Dorgan
United States Senate
322 Hart Senate Office Building
Washington, DC 20510

The Honorable Olympia J. Snowe
United States Senate
154 Russell Senate Office Building
Washington, DC 20510

Dear Senators Dorgan and Snowe:

We, the undersigned organizations, representing millions of volunteers, donors, and recipients of services who are part of America’s nonprofit community, strongly support the “Public Good IRA Rollover Act of 2007.”

Since it was enacted in August 2006, the current IRA Charitable Rollover has helped nonprofits enrich lives and strengthen communities across the country and around the world. By eliminating the barrier in the tax law that had previously discouraged transfers from Individual Retirement Accounts to charities, the rollover has enabled Americans to make millions of dollars of new contributions to the nonprofits -- including hospitals, museums, educational institutions, and religious organizations -- that benefit people every day.

The IRA Charitable Rollover is scheduled to expire at the end of 2007. It permits eligible IRA owners to make direct gifts to eligible charities from their IRAs without suffering a tax penalty. Beginning at age 70 ½, all IRA owners are required to take annual minimum distributions, even if they do not need the income. With the charitable rollover, those who have accumulated more assets than they need in their IRAs can use the distribution and other money in their accounts to support the services and programs of nonprofits. The IRA Rollover is particularly helpful for older Americans who do not itemize their tax deductions and would not otherwise receive any tax benefit for their charitable contributions.

These advantages are the reason we appreciate your sponsorship of the “Public Good IRA Rollover Act of 2007” and why we ask that you aggressively push this critical legislation. It would build on the success of the current IRA Rollover by making it permanent, removing the current dollar limit on donations per year, making all charities eligible to receive donations, and providing IRA owners with a planned giving option starting at age 59 ½.

Thank you for your leadership in sponsoring the “Public Good IRA Rollover Act of 2007.” We intend to work in partnership with you to push for passage of this critical legislation.

Respectfully,

Along with over 900 organizations.