How can the 2008 Economic Stabilization Act help
you and Opera Company of Philadelphia?

In this difficult economic period Congress has opened a window of opportunity.  The Economic Stabilization Act includes a provision that may offer a tax advantage to  you as a donor and benefit the Opera Company of Philadelphia.

The $700 billion Bill passed by Congress (H.R. 1424, 2008 Economic Stabilization Act), includes a retroactive two-year extension of the IRA Rollover provision from the Pension Reform Bill of 2006 that was due to expire December 31, 2007.  The IRA Rollover provision provides an exclusion from gross income for certain distributions from a traditional or Roth individual retirement account (IRA) which would otherwise be included in your taxable income.  To take advantage of this opportunity for the tax year 2008 your qualifying transfer must be made by December 31, 2008. To qualify,

• The distribution must be made directly from the IRA plan administrator to OCP.
• Planned gifts or IRA transfers to donor advised funds do not qualify.
• The donor must be age 70½ or older.
• The transfer cannot exceed the annual limit of $100,000.

Check with your plan administrator for more details and to obtain the applicable rollover forms.  Other options for giving to OCP include cash gifts, stock transfers, and matching gifts through your corporation. For more information, visit us at www.operaphila.org or call the Development Office at (215) 893-3600, extension 219.

Opera Company of Philadelphia does not render legal, tax or other professional advisory services.  Advice from an attorney or other professional tax or financial advisor should be sought when considering a charitable gift.