US SB1159 | 2015-2016 | 114th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on April 30 2015 - 25% progression, died in committee
Action: 2015-04-30 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on April 30 2015 - 25% progression, died in committee
Action: 2015-04-30 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Public Good IRA Rollover Act of 2015 Amends the Internal Revenue Code to revise the tax exclusion of distributions from individual retirement accounts (IRAs) for charitable purposes to: (1) make such exclusion permanent; (2) eliminate the $100,000 cap on such exclusion; (3) 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 (4) 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).
Title
Public Good IRA Rollover Act of 2015
Sponsors
Sen. Charles Schumer [D-NY] | Sen. Susan Collins [R-ME] | Sen. Kirsten Gillibrand [D-NY] | Sen. Thad Cochran [R-MS] |
Sen. Debbie Stabenow [D-MI] |
History
Date | Chamber | Action |
---|---|---|
2015-04-30 | Senate | Read twice and referred to the Committee on Finance. |
Subjects
Charitable contributions
Employee benefits and pensions
Income tax exclusion
Social work, volunteer service, charitable organizations
Taxation
Employee benefits and pensions
Income tax exclusion
Social work, volunteer service, charitable organizations
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/114th-congress/senate-bill/1159/all-info |
Text | https://www.congress.gov/114/bills/s1159/BILLS-114s1159is.pdf |