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A bill to amend the Internal Revenue Code of 1986 to expand tax-free distributions from individual retirement accounts for charitable purposes.

USA115th CongressS-1817| Senate 
| Updated: 9/14/2017
Debbie Stabenow

Debbie Stabenow

Democratic Senator

Michigan

Cosponsors (3)
Charles E. Schumer (Democratic)Kirsten E. Gillibrand (Democratic)Susan M. Collins (Republican)

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Public Good IRA Rollover Act of 201 7 This bill amends the Internal Revenue Code to revise the tax exclusion for distributions from individual retirement accounts (IRAs) for charitable purposes to: (1) eliminate the $100,000 cap on such exclusion; (2) permit tax-free distributions from IRAs to a split-interest entity (i.e., a charitable remainder annuity or unitrust, a pooled income fund, and a charitable gift annuity); and (3) allow distributions to a split-interest entity to be made when the account beneficiary attains age 59-1/2 (otherwise, age 70-1/2 for IRA distributions to a charitable organization).
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Timeline
Sep 14, 2017
Introduced in Senate
Sep 14, 2017
Read twice and referred to the Committee on Finance.
  • September 14, 2017
    Introduced in Senate


  • September 14, 2017
    Read twice and referred to the Committee on Finance.

Taxation

Charitable contributionsEmployee benefits and pensionsIncome tax exclusionSocial work, volunteer service, charitable organizations

A bill to amend the Internal Revenue Code of 1986 to expand tax-free distributions from individual retirement accounts for charitable purposes.

USA115th CongressS-1817| Senate 
| Updated: 9/14/2017
Public Good IRA Rollover Act of 201 7 This bill amends the Internal Revenue Code to revise the tax exclusion for distributions from individual retirement accounts (IRAs) for charitable purposes to: (1) eliminate the $100,000 cap on such exclusion; (2) permit tax-free distributions from IRAs to a split-interest entity (i.e., a charitable remainder annuity or unitrust, a pooled income fund, and a charitable gift annuity); and (3) allow distributions to a split-interest entity to be made when the account beneficiary attains age 59-1/2 (otherwise, age 70-1/2 for IRA distributions to a charitable organization).
View Full Text

Suggested Questions

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

Timeline
Sep 14, 2017
Introduced in Senate
Sep 14, 2017
Read twice and referred to the Committee on Finance.
  • September 14, 2017
    Introduced in Senate


  • September 14, 2017
    Read twice and referred to the Committee on Finance.
Debbie Stabenow

Debbie Stabenow

Democratic Senator

Michigan

Cosponsors (3)
Charles E. Schumer (Democratic)Kirsten E. Gillibrand (Democratic)Susan M. Collins (Republican)

Finance Committee

Taxation

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Charitable contributionsEmployee benefits and pensionsIncome tax exclusionSocial work, volunteer service, charitable organizations