House Passes Bill Designed to Encourage Gifts to Charity

Under threat of a presidential veto, the House of Representatives on Thursday passed a tax bill designed to encourage gifts to charity on a bipartisan, 277-130 vote. The bill would make permanent three temporary tax items that have been regularly extended on an annual basis. The measures would allow older people to lower their taxable income by donating money from their Individual Retirement Accounts to charities and provide tax benefits for donations to food banks and setting aside land for conservation.