WASHINGTON, DC – The Initiative to Accelerate Charitable Giving (IACG) today issued the following statement on the inclusion of reforms around transfers between private foundations and donor-advised funds in the Fiscal Year 2023 Budget Request:
“The Fiscal Year 2023 Budget Request includes a welcome acknowledgement that our charitable giving laws can be improved to get more money into the hands of working charities faster. Today’s outdated charitable giving tax laws unfortunately provide too many loopholes for charitable contributions to be warehoused on the sidelines, and the administration’s proposal would take an important step to close one gaping loophole that allows private foundations to meet their payout requirement by making distributions to donor-advised funds (DAFs). The Initiative to Accelerate Charitable Giving supports greater and timely distribution from both private foundations and DAFs to charities and applauds the recent bipartisan momentum in Congress for developing charitable giving policy solutions alongside the administration’s recent work on this issue.”
About the Initiative to Accelerate Charitable Giving
The Initiative to Accelerate Charitable Giving (IACG) is a broad coalition of philanthropists, leaders of major foundations, non-profits and others who represent a broad spectrum of interests across philanthropy. IACG is dedicated to promoting common-sense, non-partisan federal policy reforms that close tax loopholes and re-establish charities as the center of charitable giving laws. For more information, visit www.acceleratecharitablegiving.org.