This bill introduces a new provision to the Internal Revenue Code, allowing individuals aged 70 1/2 or older to make qualified charitable distributions directly from certain employer-sponsored retirement plans. These distributions, which would otherwise be taxable, can be excluded from the individual's gross income, thereby providing a tax incentive for charitable giving. To qualify, distributions must be made directly from a qualified employer plan to an eligible public charity, excluding donor-advised funds and supporting organizations. The maximum amount excludable annually is an "applicable amount," which coordinates with the existing IRA charitable distribution limit, ensuring a single, combined cap for tax-free giving from both employer plans and IRAs. The legislation specifically extends these new rules to include distributions from 403(b) annuity contracts and 457(b) eligible deferred compensation plans , in addition to traditional 401(k) and other qualified employer plans. Furthermore, it modifies existing rules for IRA charitable distributions to allow them from SEP and SIMPLE IRAs. These changes are set to apply to distributions made in taxable years beginning after the bill's enactment.