Senate Approves Charitable Package, Sends Bill to President

Last night, the Senate approved by a vote of 93-5 a package of charitable reforms and incentives as part of pension reform legislation (H.R. 4) that passed the House last week. The Senate did not amend H.R. 4, so the bill now moves to President Bush's desk where he's expected to quickly sign it into law.

For a very detailed analysis of the reforms and incentives included in the charitable package, see the latest Joint Committee on Taxation report, pages 263-351.

The charitable package is, in many respects, a watered-down version of provisions that were advanced by Senate Finance Committee chairman Chuck Grassley and the Panel on the Nonprofit Sector.