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Charitable News and Legislation Katrina Emergency Tax Relief Act (KETRA) signed into law On September 23, 2005, President Bush signed the Katrina Emergency Tax Relief Act into law (H.R. 3768 - PDF). The act includes an important incentive for larger gifts by temporarily eliminating the 50 percent adjusted gross income limitation on charitable deductions by individuals. The enhanced deduction would apply to contributions to all charities, not simply those engaged in hurricane relief. The provision expires on Dec. 31, 2005. The initial Senate version of the bill included the IRA rollover provision but, in the face of strong opposition from the house, this provision was excluded from the final act. Related Documents: |
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SC Planned Giving Council, PO Box 1945, Columbia, South Carolina 29202-1945 |