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IRS Committee Submits Ideas
The IRS Advisory Committee on Tax Exempt and Government Entities is submitting recommendations that include an Online Guide to Setting Executive Compensation for Charities.
IRS Expands Resources
The Service has expanded and updated its online courses to help tax exempt organizations.
S 676
A bill to amend the Internal Revenue Code of 1986 to modify the tax rate for excise tax on investment income of private foundations.
S 722
A bill to amend the Internal Revenue Code of 1986 to provide for permanent alternative minimum tax relief, middle class tax relief, and estate tax relief, and to permanently extend certain expiring provisions, and for other purposes.
HR 1250/S 864
House Bill 1250, co-sponsored by Ohio Representatives Boccieri, Driehaus, Fudge, Jordan, Latta, Ryan, Schmidt, Sutton, Tiberi, Turner, Wilson and Senate bill 864, co-sponsored by Senators Sherrod Brown and George Voinovich, would extend the IRA rollover provision currently allowing tax-free distributions to qualified charities. As proposed, it would also remove the $100,000 limit on an individual’s contribution and allow donor advised funds, supporting organizations and private foundations to receive such funds.
S 1605
Senator Charles Schumer has introduced S 1605, which he hopes will "restore the incentive for collectors to share these works of art with the public." If the bill passes, donors would have 20 years to complete the gift's donation (rather than the 10 allowed under the Pension Protection Act) and take tax deductions on some of the artwork's appreciation.
HB 3936
U.S. Rep. Pat Tiberi (R - Columbus), has introduced HB 3936, the Preserve Benefits and Jobs Act, to provide temporary pension funding relief by permitting sponsors of single-employer plans to choose between two ways to repay the pension investment losses those plans have suffered. Many employers, including nonprofits, that have defined benefit pension plans will soon be required to make large catch-up contributions; some nonprofits, including those in Ohio, are facing financial difficulties at best and dissolution at worst, in complying with the catch-up requirements.
Search for information on Ohio bills HB 7
Would require new construction with state capital dollars to meet sustainability measures. View the bill.
HB 61
To reduce the estate tax by increasing the credit amount, to authorize townships and municipal corporations, or electors thereof by initiative, to exempt from the estate tax any estate property located in the township or municipal corporation, and to distribute all estate tax revenue originating in a township or municipal corporation that does not exempt property from the tax to the township or municipal corporation.
HB 75
Would allow taxpayers to contribute a portion of their income tax refunds to the Ohio Historical Society.
S 173
Proposes delaying for one year the budget bill's requirement that Ohio schools provide all-day kindergarten. View the bill.
S 157 / HB 427
Would require courts to give unpaid class action lawsuit funds to “charities, nonprofit organizations and charitable programs selected in the action and approved by the court.
HB 209
The payday lending issue continues on the General Assembly radar via this bill introduced to regulate short term lenders. View the bill.
SB 210
Before adjourning for the summer, the Ohio General Assembly sent Governor Strickland SB 210, creating nutritional standards for some school food options and a pilot physical education requirement. View the bill.
S 231/HR 452
Would allow taxpayers to contribute to the American Red Cross Ohio Disaster Response Readiness and Preparedness Fund through their income tax returns.
HB 326
Reps. Hottinger and Grossman have introduced a second bill in the Ohio House to revise the state's estate tax, HB 326. The bill would abolish the state's share of estate taxes received while also increasing the credit amount and authorizing townships and municipal corporations, or electors by initiative, to exempt property from the estate tax. View the bill.
SB 232
Headed to the governor is a bill providing tax credits for alternative energy, hoping to spur new solar and wind development in the state. View the bill.
HB 367
Would require that 1 percent of general revenue fund appropriations in each budget go to the Ohio Arts Council to be used for job creation and cultural development.
HB 532
Ohio HB 532, if passed, would exclude from the estate tax land subject to an agricultural or conservation easement. View the bill.
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