Manatee Review

WASHINGTON – In a bipartisan effort, Congressman Vern Buchanan and Congressman Jimmy Panetta are leading a group of House Ways and Means lawmakers to express concerns over the new proposed rules related to donor-advised funds by the Treasury Department and IRS. The lawmakers warn that these rules could have a chilling effect on charitable giving.

Congressman Buchanan voiced his worry, stating, "I am extremely concerned that these new regulations could significantly discourage charitable giving across the country." The group of lawmakers highlighted their concerns in a letter to Treasury Secretary Janet Yellen, urging for a timely response from the Biden administration.

The concerns raised by the lawmakers were echoed by various individuals and organizations in the charitable sector. Howard Husock from the American Enterprise Institute emphasized the importance of donor-advised funds, describing them as "small, personal foundations for middle-class Americans without administrative overhead or a minimum deposit."

Veronica Thames, Executive Director of The Manatee Community Foundation, expressed how the proposed rules could hinder their ability to address the growing needs in their community. Similarly, Roxie Jerde, President and CEO of The Community Foundation of Sarasota County, emphasized the critical role donor-advised funds play in supporting local nonprofits in Southwest Florida and beyond.

Rebecca Fishman Lipsey, President and CEO of The Miami Foundation, highlighted the essential role donor-advised fundholders play in building thriving communities, expressing concerns that the proposed changes could hinder philanthropic giving.

Eileen Heisman, CEO of National Philanthropic Trust, one of the largest grantmaking organizations globally, emphasized the potential negative impact of the proposed regulations on the nonprofit sector for generations to come.

The bipartisan group of lawmakers, along with various stakeholders in the charitable sector, are urging the Treasury Department to carefully consider the implications of the proposed regulations before finalizing them. Their collective efforts aim to protect and preserve the vital role of donor-advised funds in charitable giving.