House Bill to Protect Political Contributions from Gift Tax Passes

This week the House has voted in favor of a bill that would prevent the IRS from imposing gift tax on political contributions. This bill is being framed as a preemptory protection since the IRS has not sought to  do so before. A companion Senate bill has been introduced.

Special thanks to Jim Hillhouse for bringing this article to my attention.

See Bloomberg News, Mega-Donors Freed From Gift Tax They Never Paid, Private Wealth, Apr. 17, 2015.