US HB3832 | 2019-2020 | 116th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on July 18 2019 - 25% progression, died in committee
Action: 2019-07-18 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on July 18 2019 - 25% progression, died in committee
Action: 2019-07-18 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Amends the Internal Revenue Code to expand the tax exclusion for distributions from individual retirement accounts (IRAs) for charitable purposes. The bill increases from $100,000 to $400,000 the annual limit on the aggregate amount of distributions for charitable purposes that may be excluded from the gross income of a taxpayer. The bill permits tax-free distributions from IRAs to a split-interest entity for four years after the enactment of this bill. A split-interest entity is exclusively funded by charitable distributions and includes: a charitable remainder annuity trust, a charitable remainder unitrust, or a charitable gift annuity. A charitable gift annuity must commence fixed payments of at least 5% no later than one year from the date of funding. A distribution to a split-interest entity may only be treated as a qualified charitable distribution if: (1) no person holds an income interest in the entity other than the individual for whose benefit the account is maintained, the spouse of such individual, or both; and (2) the income interest in the entity is nonassignable.
Title
Legacy IRA Act
Sponsors
Rep. Don Beyer [D-VA] | Rep. Mike Kelly [R-PA] | Rep. Terri Sewell [D-AL] | Rep. David Schweikert [R-AZ] |
Rep. Susan Brooks [R-IN] | Rep. Earl Blumenauer [D-OR] |
History
Date | Chamber | Action |
---|---|---|
2019-07-18 | House | Referred to the House Committee on Ways and Means. |
2019-07-18 | House | Introduced in House |
Same As/Similar To
SB1257 (Same As) 2019-04-30 - 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/116th-congress/house-bill/3832/all-info |
Text | https://www.congress.gov/116/bills/hr3832/BILLS-116hr3832ih.pdf |