Senate OKs One-Year Extension for Charity Tax Breaks

We reported several weeks ago that the U.S. Senate was planning to vote on an extension of three lapsed tax breaks for charitable contributions. The three tax breaks include enhanced deduction for conservation easements, donations from retirement accounts, and breaks for businesses that donate food. The vote took place on Tuesday, which resulted in a one-year extension once President Obama signs the measure. Nonprofit groups have made several attempts to make these tax breaks permanent, but the House narrowly rejected the legislation.

For more information, read the article by The Chronicle of Philanthropy.