Building Philanthropy for a Better Florida

Rep. Posey Co-Sponsors IRA Charitable Rollover Bill

September 30, 2009
As the result of a meeting with local grantmakers, Florida Congressman Bill Posey (R-15th) signed on as co-sponsor of the Public Good IRA Rollover Act of 2009 (H.R. 1250) on September 17, 2009. The bill would make the charitable rollover incentive permanent and expand the incentive to cover IRA distributions to donor advised funds, supporting organizations and private foundations. The bill would also lift the $100,000 cap on distributions and allow planned gifts beginning at age 59.5, down from the current age limit of 70.5.
 
Rep. Posey decided to support H.R. 1250 after a meeting on September 9, 2009, between members of his staff and representatives of two Vero Beach-based foundations, Kerry Bartlett, Executive Director of the Indian River Community Foundation, and Lenora Ritchie, Executive Director of the Robert F. and Eleonora W. McCabe Foundation.
 
Florida Philanthropic Network and the Council on Foundations are encouraging the passage of H.R. 1250, which was introduced by Representatives Earl Pomeroy (D-ND) and Wally Herger (R-CA) in the House of Representatives on March 2, 2009.