Nonprofits Urge Support for Legacy IRA Provision

October 26, 2020

The Honorable Richard Neal
Chair
Ways and Means Committee
U.S. House of Representatives
Washington, D.C. 20515

The Honorable Kevin Brady
Ranking Member
Ways and Means Committee
U.S. House of Representatives
Washington, DC 20515

Dear Chairman Neal and Ranking Member Brady:

On behalf of the undersigned non-profits, including charities and faith-based organizations, we want to express support for the inclusion of the bipartisan Legacy IRA Act (H.R. 3832) in the “Securing a Strong Retirement Act of 2020” introduced today.

We appreciate you placing a priority on increasing retirement savings so more individuals can plan for a financially secure retirement. Just as COVID-19 has shaken the economic support for millions of individuals and their families that will have long-term consequences on their finances, nonprofits are also facing serious challenges now and well into the future. According to Independent Sector's new Health of the U.S. Nonprofit Sector report, seven percent of nonprofits are estimated to close due to the pandemic and one million nonprofit jobs have been lost.

The Legacy IRA provision — as part of the broader Securing a Strong Retirement Act — will encourage more charitable giving by enabling seniors to make tax-free contributions from their individual retirement accounts (IRA) to charities through life-income plans. It is an important piece of broader efforts to facilitate our sector's long-term recovery. Many of our organizations are dependent on private philanthropy, including gift planning. We believe the Legacy IRA provision simply offers seniors another philanthropic option and would incentivize more giving to help charities while helping middle-income seniors who need a lifetime income.

We strongly support the inclusion of the Legacy IRA Act as part of the Securing a Strong Retirement Act. America is stronger when everyone has the opportunity to give, to get involved, and to strengthen their communities.

Sincerely,

Alliance for Strong Families and Communities
ALS Association
Alzheimer's Association
American Alliance of Museums
American Cancer Society Cancer Action Network
American Heart Association
American Red Cross
Americans for the Arts
Association of Art Museum Directors
Association of Fundraising Professionals
Big Brothers Big Sisters of America
Boys & Girls Clubs of America
Council for Advancement and Support of Education
Council for Christian Colleges & Universities
Council on Foundations
DANCE/USA
Girl Scouts of the USA
Girls Inc.
Habitat for Humanity International
Hemophilia Federation of America
Independent Sector
Jewish Federations of North America
League of American Orchestras
Lutheran Services in America
March of Dimes
Mental Health America
National Alliance on Mental Illness
National Association of College and University
Business Officers
National MS Society
OPERA America
Performing Arts Alliance
Providence St. Joseph Health
The Nonprofit Alliance
The Salvation Army USA
Theatre Communications Group
United Philanthropy Forum
YMCA of the USA
YWCA USA