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Alaska’s nonprofit sector got some great news this Friday when the U.S. House of Representatives voted to make important charitable giving incentives permanent. Alaska nonprofits have been working with Foraker and other state nonprofit associations to help bring positive change to federal law. The incentives will help to promote, encourage and reward charitable giving to nonprofit organizations of all shapes and sizes. The legislation passed the Senate earlier in the week and is now on the way to President Obama for signature.
The legislation includes components that encourage small businesses to make food donations to local food banks, encourages private landowners to conserve land by establishing conservation easements, and fosters increased charitable giving by individuals through their Individual Retirement Accounts or IRAs.
According to Laurie Wolf, Foraker President/CEO, “this federal legislation brings real change to philanthropy in Alaska – as a sector we are excited about the impact of these now-permanent charitable incentives in building a more sustainable nonprofit sector in our state. This action not only enhances the sustainability of nonprofits throughout the nation, but clearly demonstrates the collective power of the nonprofit voice in bringing about thoughtful, progressive change. Foraker wants to recognize our partners and others who weighed in on this critical policy action.”
Wolf explained that the incentives were passed as part of the Protecting Americans from Tax Hikes Act of 2015 – it’s known as the PATH Act. The real impact of the PATH Act is that many of the charitable giving incentives that for years have been subject to repeated expiration and reinstatement are now a permanent part of federal law.
“This change allows Alaska nonprofits to pay attention to the things that matter most – their missions,” Wolf said.
In addition to the charitable giving incentives in the PATH Act, the legislation included stipulations that make the earned income and child tax credits permanent.
“In the end, passage of the PATH Act of 2015 demonstrates that the congress gets the role of charitable giving and sustainable nonprofits in building healthy communities,” said Mike Walsh, Foraker Vice President and Director of Public Policy. “It also demonstrates the incredible power of the nonprofit voice in forging smart public policy.”