In an op-ed published in the Washington Examiner, Philanthropy Roundtable Director of Policy Elizabeth McGuigan writes about bipartisan opposition to the so-called ACE Act, which was recently introduced in the House of Representatives. McGuigan argues the legislation would threaten charitable giving in several ways, and details research commissioned by Philanthropy Roundtable that shows why these restrictions are unwarranted and harmful.
Below are excerpts from “Block this legislative threat to charitable giving”:
“It is rare to see anything bipartisan in Congress nowadays. This is why it bears notice that a bipartisan group of eleven members on the House Ways & Means Committee has released a ‘Dear Colleague’ letter, challenging new legislation that could harm charitable giving.
The House version of the so-called Accelerating Charitable Efforts or ACE Act is a companion to the failed S. 1981, introduced last year by Sens. Angus King, I-Maine, and Charles Grassley, R-Iowa. Both measures would handcuff givers who have donor-advised funds, threaten donor privacy, and discriminate against family foundations.
Democrats and Republicans in Congress are sending a clear message that the agenda of a few will threaten the generous spirit of Americans by clamping down on the flexible charitable giving vehicle called the donor-advised fund. While proponents of this new bill and its failed Senate companion may argue otherwise, there is no evidence to suggest donors are misusing these giving accounts to avoid granting funds to charities.
When it comes to lawmaking, let’s avoid making it less appealing to give to charities. Whether that is by restricting donor-advised funds, forcing donors to be public, or discriminating against those in the charitable sector who share a family tree with foundation founders. This is the time to encourage and enable those helping the causes and communities in need — not to penalize givers with unnecessary and draconian regulations.”
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