Emergency Economic Stabilization Act of 2008

On October 3, 2008, President Bush signed into law the "Economic Stabilization Act of 2008." This legislation contained a provision to extend the IRA Charitable Distributions through December 31, 2009.

The provision allows customers age 70 ½ or older to direct qualified IRA distributions of up to $100,000 to certain charitable organizations without recognizing income and taking a charitable deduction. The qualified charitable distribution can be used to satisfy the required minimum distribution for traditional IRAs.

This provision was originally part of the Pension Protection Act of 2006 that expired on December 31, 2007.