HOME > NEWSROOM > ARTICLES > “Pease” Returns; More Fiscal Fights to Come

“Pease” Returns; More Fiscal Fights to Come

Members of Congress rang in the New Year from their offices on Capitol Hill as brinksmanship brought the nation to the very edge of the so-called “fiscal cliff.” After weeks of pleas by NRB and others to protect charitable giving, the last–minute deal that was brokered happily did not directly diminish the charitable tax deduction through such sweeping proposals as a 28 percent deduction value limit or a deductions dollar cap. However, the revival of a formerly phased-out rule, the “Pease” limitation, may well affect charitable giving as it cements a surcharge of 3 percent of adjusted gross income over $250,000 for individuals ($300,000 for joint filers) against the total itemized deductions of high income earners. 

Notably, the “fiscal cliff” deal extended until December 31, 2013, a provision allowing tax-free distributions to charities from IRA’s held by individuals age 70½ or older of up to $100,000 per taxpayer, per taxable year. Also extended were provisions allowing for businesses to claim an enhanced deduction for contribution of food inventory, for basis adjustments for S-corporation stockholders that donate property to charity, and for film and television producers to expense the first $15 million of production costs incurred in the United States ($20 million if incurred in economically depressed areas of the U.S.).

This New Year’s battle is only the beginning of fiscal debates in 2013, as a new deadline to raise America’s debt limit draws near in the next couple of months, a federal agency budget “sequester” has only been delayed two months, and efforts at comprehensive tax reform continue to be pressed. NRB will continue to urge Congress to steer clear of proposals that would diminish the charitable tax deduction. Indeed, as NRB President & CEO Dr. Frank Wright stated in letters to Congress in December, “Rather than capping or otherwise constraining this longstanding deduction, the federal government ought to expand opportunities for the charitable impulse of Americans to thrive.”

  • Find NRB’s letters to the President and Congressional leaders on the charitable tax deduction.
  • Read the full fiscal cliff deal, along with additional coverage from ECFA.

By Aaron Mercer, Vice President Government Relations

Published January 4, 2013

Latest News

NRB Opposes New Performance Tax Bill

Representatives Jerrold Nadler (D-NY) and Marsha Blackburn (R-TN) this week introduced the latest iteration of performance tax legislation in the so-called Fair Play Fair Pay Act (H. R. 1733).

FCC Chairman Calls for AM Radio Rules Update

FCC Chairman Tom Wheeler penned a blog post this week indicating his interest in advancing the agency’s “Revitalization of the AM Radio Service” proceeding (MB Docket No. 13-249)...

Free Speech Amicus Brief Filed on Behalf of NRB, Others in Supreme Court Marriage Case

On behalf of NRB and other prominent religious organizations and leaders, Liberty Institute filed an amicus brief last week in the historic U.S. Supreme Court case, Obergefell v. Hodges, which could determine the future of marriage laws in the United States.

NRB Comments on Proposed Radio Online Public File

The FCC is considering whether to extend its online public file requirement beyond just TV broadcasters to cable and satellite providers, as well as radio broadcasters.

June Hunt and 'Hope In The Night' Celebrate 20 Years of Offering Hope, Help, and Healing

There is a uniqueness to radio that allows listeners the privilege of having someone speak directly into their lives. It’s intimate, it’s convicting, and it’s life-changing.

FEBC Introduces New Radio Feature, FEBC Today

Ed Cannon, President of the Far East Broadcasting Company (FEBC), is hosting a new two-minute daily feature called FEBC Today with Co-Host Wayne Shepherd.

NRB Today Wins Evangelical Press Association’s 2015 Award of Excellence

NRB’s weekly newsletter, NRB Today, was recognized with the Evangelical Press Association (EPA)’s 2015 Award of Excellence in the “Newsletter Email Digital” category.

CBI Media Group Acquires KVNT 1020 AM

CBI Media Group has signed an agreement to acquire KVNT 1020 AM, its assets, websites, and tower site from Alaska Integrated Media, Inc.

In Memoriam: ‘Mrs. G’ – Kitty Anna Griffiths

For more than four decades, Mrs. G made the Bible come alive for thousands of “children of all ages – from 3 to 103.”

Want to Join NRB Leaders in Shaping the Next Convention? Here’s Your Chance!

Would you like to help shape NRB and the annual NRB International Christian Media Convention while interacting with like-minded professionals in your industry?

More News