IRA Charitable Rollover Giving Incentive Extended Through 2009 As part of the Emergency Economic Stabilization Act of 2008 (H.R.1424), signed into law on October 3, 2008, Congress restored and extended the IRA charitable rollover giving incentive through 2009. President Bush has just signed legislation intended to stabilize the financial system and restore confidence in the economy, and the bill also reinstates a number of expired or expiring tax provisions. Among them are the IRA Charitable Rollover and food inventory giving incentives, both of which have been extended through the end of 2009. The bill also temporarily lifts the limits on individual and corporate cash contributions to Midwestern flood relief and helps volunteers by increasing the mileage deduction and exempting from taxable income mileage reimbursements for driving that assists flood recovery. As to the IRA rollover, it is a tax incentive that allows individuals aged 70½ and older to donate up to $100,000 from their Individual Retirement Accounts (IRAs) and Roth IRAs to public charities without having to count the distributions as taxable income. It is now extended through calendar year 2009. Please contact us or your tax advisor if you would like additional information about this incentive.