House Passes Extension of Charity Tax Breaks

The House of Representatives has approved legislation to extend through the end of 2010 several key tax incentives for charitable donations, including one designed to encourage older people to make donations through their individual retirement accounts.

The bill, HR 4213, will be considered by the Senate when it returns to work the week of June 7.

The bill passed by the House would allow people age 70 1⁄2 and older to continue giving up to $100,000 a year tax-free from their individual retirement accounts to charity.