In 2006, President Bush signed into law the Pension Protection Act of 2006 (the “Act”). The Act contains many important provisions, including a provision to exclude from an individual taxpayer’s gross income qualified charitable distributions (“QCDs”) made from Individual Retirement Accounts (“IRAs”) for all tax years beginning before January 1, 2008. Therefore, all QCDs made through the end of calendar year 2007 will be excluded from gross income.