Ways to Give

Charitable Giving Alert: Pension Protection Act of 2006

Charitable Giving Alert: Pension Protection Act of 2006

The recently enacted Pension Protection Act of 2006 can provide significant tax benefits to donors. The legislation permits donors to transfer assets from their individual retirement plans (IRA's) to the BAC without realizing the distribution into their taxable income. This may help you if::

  • You make charitable gifts, but do not itemize on your tax return
  • You have to take distributions from your IRA, but don't need some, or all, of the income 
  • Your charitable gifts now or in recent years equals 50 percent of your adjusted gross income

To qualify:

  • You must be 70.5 years or older at the time of your contribution
  • Distribution must be made directly to the BAC
  • The gift maximum per donor is $100,000 per year in 2006 and 2007

Distributions made to the BAC will apply toward satisfying your minimum distribution requirement!