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A bill to amend the Internal Revenue Code to extend and modify certain charitable tax provisions.

USA115th CongressS-1343| Senate 
| Updated: 6/13/2017
John Thune

John Thune

Republican Senator

South Dakota

Cosponsors (14)
Jeanne Shaheen (Democratic)David Perdue (Republican)Jerry Moran (Republican)Joe Donnelly (Democratic)Amy Klobuchar (Democratic)John Boozman (Republican)Robert P. Casey (Democratic)Mike Rounds (Republican)Debbie Stabenow (Democratic)Johnny Isakson (Republican)Pat Roberts (Republican)Gary C. Peters (Democratic)Rob Portman (Republican)Ron Wyden (Democratic)

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Charities Helping Americans Regularly Throughout the Year Act of 2017 This bill amends the Internal Revenue Code to modify several tax provisions affecting charitable contributions and tax-exempt organizations. The Internal Revenue Service may determine the standard mileage rate for deducting the cost of using a passenger automobile for charitable purposes (currently set by statute at 14 cents per mile), and the rate may not be less than the rate for medical purposes (17 cents per mile for 2017). The bill modifies the substantiation requirements for charitable contributions to eliminate an exemption for contributions that are reported on a return filed by a tax-exempt organization. Tax-exempt organizations must file their returns in electronic form. The bill excludes from the gross income of an individual who is at least 70-1/2 years of age up to $100,000 in distributions from an individual retirement plan to a donor-advised fund (DAF). The bill also modifies disclosure requirements for DAFs. (A DAF is a fund or account that is separately identified by reference to contributions of a donor or donors. The account is owned and controlled by a sponsoring charitable organization, while the donor retains advisory privileges with respect to the distribution and investment of funds in the account.) The bill reduces from 2% to 1% the excise tax on the investment income of private foundations and eliminates a provision that reduces the rate to 1% if a foundation meets certain distribution requirements. The bill exempts certain philanthropic business holdings from the tax on excess business holdings of private foundations if a foundation meets requirements for exclusive ownership, donating all profits to charity, and independent operation.
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Timeline
Jun 13, 2017
Introduced in Senate
Jun 13, 2017
Read twice and referred to the Committee on Finance.
Jun 15, 2017

Latest Companion Bill Action

HR 115-2916
Introduced in House
  • June 13, 2017
    Introduced in Senate


  • June 13, 2017
    Read twice and referred to the Committee on Finance.


  • June 15, 2017

    Latest Companion Bill Action

    HR 115-2916
    Introduced in House

Taxation

Related Bills

  • S 115-587: A bill to amend the Internal Revenue Code of 1986 to limit substantiation requirements for charitable contributions to returns submitted by the donor.
  • HR 115-3035: To amend the Internal Revenue Code of 1986 to exempt private foundations from the tax on excess business holdings in the case of certain philanthropic enterprises which are independently supervised, and for other purposes.
  • HR 115-2916: To amend the Internal Revenue Code to extend and modify certain charitable tax provisions.
  • HR 115-5443: To amend the Internal Revenue Code of 1986 to require electronic filing of the annual returns of exempt organizations and provide for making such returns available for public inspection.
Business investment and capitalCharitable contributionsEmployee benefits and pensionsFinancial services and investmentsIncome tax deductionsIncome tax exclusionSales and excise taxesSocial work, volunteer service, charitable organizationsTax administration and collection, taxpayersTax-exempt organizations

A bill to amend the Internal Revenue Code to extend and modify certain charitable tax provisions.

USA115th CongressS-1343| Senate 
| Updated: 6/13/2017
Charities Helping Americans Regularly Throughout the Year Act of 2017 This bill amends the Internal Revenue Code to modify several tax provisions affecting charitable contributions and tax-exempt organizations. The Internal Revenue Service may determine the standard mileage rate for deducting the cost of using a passenger automobile for charitable purposes (currently set by statute at 14 cents per mile), and the rate may not be less than the rate for medical purposes (17 cents per mile for 2017). The bill modifies the substantiation requirements for charitable contributions to eliminate an exemption for contributions that are reported on a return filed by a tax-exempt organization. Tax-exempt organizations must file their returns in electronic form. The bill excludes from the gross income of an individual who is at least 70-1/2 years of age up to $100,000 in distributions from an individual retirement plan to a donor-advised fund (DAF). The bill also modifies disclosure requirements for DAFs. (A DAF is a fund or account that is separately identified by reference to contributions of a donor or donors. The account is owned and controlled by a sponsoring charitable organization, while the donor retains advisory privileges with respect to the distribution and investment of funds in the account.) The bill reduces from 2% to 1% the excise tax on the investment income of private foundations and eliminates a provision that reduces the rate to 1% if a foundation meets certain distribution requirements. The bill exempts certain philanthropic business holdings from the tax on excess business holdings of private foundations if a foundation meets requirements for exclusive ownership, donating all profits to charity, and independent operation.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jun 13, 2017
Introduced in Senate
Jun 13, 2017
Read twice and referred to the Committee on Finance.
Jun 15, 2017

Latest Companion Bill Action

HR 115-2916
Introduced in House
  • June 13, 2017
    Introduced in Senate


  • June 13, 2017
    Read twice and referred to the Committee on Finance.


  • June 15, 2017

    Latest Companion Bill Action

    HR 115-2916
    Introduced in House
John Thune

John Thune

Republican Senator

South Dakota

Cosponsors (14)
Jeanne Shaheen (Democratic)David Perdue (Republican)Jerry Moran (Republican)Joe Donnelly (Democratic)Amy Klobuchar (Democratic)John Boozman (Republican)Robert P. Casey (Democratic)Mike Rounds (Republican)Debbie Stabenow (Democratic)Johnny Isakson (Republican)Pat Roberts (Republican)Gary C. Peters (Democratic)Rob Portman (Republican)Ron Wyden (Democratic)

Finance Committee

Taxation

Related Bills

  • S 115-587: A bill to amend the Internal Revenue Code of 1986 to limit substantiation requirements for charitable contributions to returns submitted by the donor.
  • HR 115-3035: To amend the Internal Revenue Code of 1986 to exempt private foundations from the tax on excess business holdings in the case of certain philanthropic enterprises which are independently supervised, and for other purposes.
  • HR 115-2916: To amend the Internal Revenue Code to extend and modify certain charitable tax provisions.
  • HR 115-5443: To amend the Internal Revenue Code of 1986 to require electronic filing of the annual returns of exempt organizations and provide for making such returns available for public inspection.
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Business investment and capitalCharitable contributionsEmployee benefits and pensionsFinancial services and investmentsIncome tax deductionsIncome tax exclusionSales and excise taxesSocial work, volunteer service, charitable organizationsTax administration and collection, taxpayersTax-exempt organizations