September 1, 2006
New Pension Law Encourages Philanthropy but Cracks Down on Abuses
The new pension legislation approved by Congress and signed by President Bush contains a series of provisions designed to stimulate charitable giving and cut down on abuses of charity tax laws by donors and nonprofit organizations.
Under the legislation, donors age 70 and a half and older would be allowed to withdraw up to $100,000 from their individual retirement accounts tax-free if they give the money directly to a charity.
The tax break, which would be available for two
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