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New Law Opens Door for Special Gifts

June 1, 2006

A new federal law could help qualifying individuals reduce their tax liability while supporting charitable organizations such as the OHSU Foundation and Doernbecher Children's Hospital Foundation.

The new option - a provision of the recently enacted federal Pension Protection Act of 2006 - applies to individuals over the age of 70 1/2 who hold traditional or Roth individual retirement accounts (IRAs). It allows IRA owners who meet the age requirement to make transfers from their IRAs directly to charitable organizations without paying tax on the distribution. Up to $100,000 per year during 2006 and 2007 can be transferred tax-free. Because these funds are not considered part of the donor's annual income, they do not increase his or her tax liability. In addition, they count toward the donor's required minimum distribution.

As always, we recommend that you work with your tax advisor to determine if this option is right for you. If you are interested in taking advantage of this new provision, the OHSU Foundation would be happy to help you with the arrangements. Contact the foundation office at 503 228-1730, or e-mail us at pginfo@ohsu.edu. Or, contact the development director for the area of your interest at OHSU.