Senate Signals Support for Expanding IRA Rollover to Include Life-Income Gifts

The National Committee on Planned Giving reports that the Senate approved its fiscal year 2009 budget resolution (S. Con. Res. 70). The resolution includes language that calls on Congress to reinstate the IRA Charitable Rollover, which expired on December 31, 2007, and expand the provision to allow for life-income agreements, including charitable gift annuities, charitable remainder trusts and pooled income funds. The budget resolution is a non-binding document that sets aggregate spending and revenue targets for the fiscal year beginning October 1, 2008 and outlines broad policy goals.