Charitable giving rules to remain the same for the rest of 2021

Dec 20, 2021

 

Recent developments in Congress indicate that talks on the Build Back Better Act (BBBA) have stalled. Barring an unforeseen breakthrough, the legislation will not pass in 2021.  

 

When it comes to philanthropy, this news gives donors additional assurances that the charitable giving provisions they are familiar with will remain in place for the rest of the year. For donors who have been on the fence, the news offers encouragement to take action as soon as possible—especially with key year-end dates fast approaching.

For donors who have been on the fence, the news offers encouragement to take action as soon as possible—especially with key year-end dates fast approaching.

 

While uncertainty remains around the fate of BBBA (or related legislation) in 2022, we advise donors to focus on what they do know—the societal benefits and tax benefits of charitable giving in the present moment, a time of great need. To see the tax savings your charitable contributions could bring you, try our Tax Savings Calculator.
 

The latest version of BBBA, passed by the House of Representatives on November 19, 2021, had already removed some earlier provisions that may have affected charitable giving. Increases in the capital gains tax rate and in the highest marginal income tax rate were ultimately left out of the House bill, as were changes to the estate tax and an elimination of the step-up in basis. Still, leaders in Congress are likely to revisit and adjust provisions in the legislation in hopes of jump-starting talks again. The bill's fate will remain in flux into 2022, paving the way for donors to act decisively in the final days of 2021.

 

As the calendar moves to 2022, we will continue to closely watch the developments around BBBA and any connected legislation, and we are committed to communicating with our donors along the way. If a bill becomes law next year, we will share with you how its provisions might affect charitable giving. As always, we encourage you to consult with your tax advisor on how specific legislation could impact your individual situation.
 

Off
Published Date
 

Session timed out

For security reasons, you have been automatically logged out. To login, please click close and sign into your account.
 

Log out successful

 
This account is frozen. Contact us at donorservice@vanguardcharitable.org.
 
Request for user ID submitted

Your request was successfully submitted.Your user ID will be sent to the email address we have on file for you. Please contact us if you do not receive your user ID.
 
There are no open accounts associated with this User ID. Please contact us at donorservice@vanguardcharitable.org.
 
Online access to your account is currently disabled. Please contact us at donorservice@vanguardcharitable.org to resolve this matter.
 

Log out successful

Login with your new User ID.
 

Log out successful

Login to access your account.
 
You do not currently have valid roles for any accounts. Please contact us at donorservice@vanguardcharitable.org.
 

A technical error has occurred

In order to maintain information security, your log-in request was canceled or your previous session ended.
Don't worry. You can log back in at any time.
 

Alert

Technical error. Please try again.
 

Log out successful

Login to update your phone number.
 

Technical error

You have reached a technical error and this session is not currently available.
 
Your email address was successfully verified.
 
Your account has been unblocked. Click login to access your account.
 

It’s not you. It’s us!

We are experiencing a technical error and we’re working on it. Please try again later.
cancel

Maintenance fee may be applied

Accounts having a balance below $15,000 may be subject to an annual maintenance fee of $250.

cancel

You are eligible for special rates

Our premier clients enjoy reduced pricing to further maximize their impact.

Our representatives are happy to guide you through.

No, take me back

×
Exit

Click OK to cancel your enrollment.

Click Cancel to continue opening your account.

Cancel