Many of you receive gifts from donor-advised funds (DAFs)—which are essentially special investment accounts from which individuals can send charitable contributions to nonprofits and take immediate tax deductions. A new bill coming to the floor of the U.S. Senate could change how DAFs are handled in the future. The Accelerating Charitable Efforts (ACE) Act (S. 1981) would impose new federal restrictions and taxes on contributions to DAFs.
The ACE Act, sponsored by Senators Angus King (I-ME) and Chuck Grassley (R-IA), would:<
Opponents of the ACE Act—including some community foundations that the ACE Act’s supporters argue would be among the law’s primary beneficiaries—question whether the purported problems actually exist and suggest that the act may do more harm than good.
Citygate Network President John Ashmen has joined numerous national ministry leaders and even foundation executives in signing a letter to senators to oppose this bill. Now we are encouraging you to do the same, but the deadline to receive input is today. If you want to help protect DAFs, please weigh in immediately by completing this form.