Text Resize
Subsribe to RSS Feed

Monday November 24, 2014

Washington News

Washington Hotline

Tax Extenders – One Year or Permanent?

As the Thanksgiving holiday rapidly approaches, there are significant negotiations underway on the tax extenders bill.

Senate Finance Committee Chairman Ron Wyden (D-OR) presented House Ways and Means Chair Dave Camp (R-MI) with the latest Democratic proposal.

Chairman Camp has openly stated that he would like to make permanent as many of the tax extender provisions as possible. Ways and Means Member David Reichert (R-WA) confirmed that point and noted, “We are looking at permanent extenders for all of the extenders that we passed from the House.”

The House has passed bills with six permanent business and charitable extenders. The business extenders include bonus depreciation, the research and development credit, Section 179 expensing and favorable provisions to minimize capital gain for Subchapter S corporations. The charitable provisions include the IRA charitable rollover, appreciated property gifts from Subchapter S corporations and gifts of apparently wholesome food.

Chairman Wyden presented a proposal to make permanent the enhancements for the earned income tax credit (EITC), the child credit and other tax extenders.

The final negotiations next week are likely to include the leaders of both parties. Senate Democratic Whip Richard Durbin (D-IL) stated, “I would like to see this resolved and make permanent some of these extenders, and I hope we are going to include in that discussion the EITC and childcare tax credit.” Majority Leader Harry Reid (D-NV) told the media that he was open to some permanent extenders. Speaker John Boehner (R-OH) did not comment this week. However, he has previously supported the House bills with the 12 permanent provisions.

Both parties will attempt to reach an agreement during the week of November 24. If the agreement is reached by Thanksgiving, it will be presented to the House and Senate during the first week of December.

Editor’s Note: Senate and House members are showing a sense of urgency in moving forward. The fact that both parties are now proposing permanent status for some preferred tax extenders is quite positive. While Congressional agreement is never certain, the positions of both parties suggest that a compromise agreement on a number of permanent extenders is possible. The question for philanthropy is whether the IRA charitable rollover and other provisions will be passed permanently or for one or two years.

Published November 21, 2014
Subsribe to RSS Feed

Previous Articles

IRA Rollover and Tax Extenders Debate

Lame-Duck Focus on Tax Extenders

President Declares Ebola Outbreak A “Qualified Disaster”

401K Limit Increased to $18,000 for 2015

U.S. Tax Receipts Up 8.9%


Beneficiary Designations Language

All beneficiary designations should be made to "the Board of Regents of The University of Texas System for the use and benefit of The University of Texas Health Science Center at San Antonio. This gift shall be used for the further benefit of [College, School, Department] and shall be used to _________________."

View and download:
   Sample Bequest language
   Sample Beneficiary language
   Estate Intention Letter

Charitable Gift Annuity
Single Rates from the American Council of Gift Annuities

Age Rate
60 4.40%
65 4.70%
68 4.90%
70 5.10%
72 5.40%
74 5.70%
76 6%
78 6.40%
80 6.80%
82 7.20%
84 7.60%
86 8%
88 8.40%
90 9%

CGA's are also available for two lives and can be deferred

UT Health Science Center San Antonio

Office of Institutional Advancement, MC – 7835
7703 Floyd Curl Drive
San Antonio, Texas 78229-3900
Phone: 210-567-5001 | Fax: 210-567-3156

Copyright 2011-2013 UT Health Science Center San Antonio
© 2014 Crescendo Interactive, Inc. PRIVACY STATEMENT

Links from web sites affiliated with The University of Texas Health Science Center at San Antonio’s web site (www.uthscsa.edu) to other web sites
do not constitute or imply university endorsement of those sites, their content, or products and services associated with those sites.