This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

NAEIR President Gary C. Smith Submits Comments To Congress On Tax Reform And The Charitable Deduction





GALESBURG, Ill., Feb. 15, 2013 /PRNewswire/ -- Gary C. Smith, president and chief executive officer of the National Association for the Exchange of Industrial Resources (NAEIR), www.NAEIR.org, in response to an invitation extended by Congressman Dave Camp (R-MI), chairman of the Committee on Ways and Means, submitted comments this week for the hearing on Tax Reform and Charitable Contributions held in Washington, D.C.

In his testimony, Smith urged Congress to secure the future of the charitable contribution and pursue fairness and parity in tax treatment of America's charities and small businesses. Over the past several months, tens of thousands of charities and citizens have urged Congress to avoid jeopardizing the future of the nonprofit sector in considering any proposals that would impose caps or limits on the charitable deduction.

Congress now has an opportunity to help charitable organizations and small businesses across the country with the Charitable Contribution Parity & Enhancement Act, H.R. 2592, which was introduced last year by Congressman Aaron Schock (R-IL). If passed, the bill would provide tax incentives to over 3 million of the nation's small businesses—most of which are S corporations—to donate their excess inventory to struggling charities throughout the country. The legislation would make available hundreds of millions of dollars in excess inventory to charities across the United States and would correct a long-standing disparity between tax benefits offered to large corporations versus small businesses.

"The various proposals currently being considered to remove or cap the charitable deduction would be ill-advised," Smith said in his testimony. "Adopting any one of these proposals, in whole or in part, would only serve to weaken our nation's charities. Additionally, it is of equal importance that we continue to look for ways to harmonize the differences that exist in the tax code when it comes to charitable incentives for larger corporations versus those of smaller businesses."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,915.07 -70.54 -0.42%
S&P 500 1,964.68 -8.15 -0.41%
NASDAQ 4,396.2040 -22.83 -0.52%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs