During the season of giving, Congress' inaction on renewing the IRA Charitable Rollover law could end in scrooging charities out of needed funds.
"Joe Tronco is getting impatient with Congress. He turned 70 ½ this year which would make him eligible to direct up to $100,000 a year from his Individual Retirement Account to charities. The catch: Congress hasn’t renewed the IRA Charitable Rollover law for 2015, one of dozens of tax extenders that are being held hostage to year-end budget and tax law negotiations.
"On Tronco’s to-do list: donations to Our Lady Of Mercy Outreach in Johns Island, S.C. for its service to the poor, to the Holy Angels Nursery in Belmont, N.C. for its care for children with birth defects, and to the building campaign for a new campus for the Cardinal Newman School in Columbia, S.C."--Ashlea Ebeling, Forbes