US Congress Senate Bill 1257 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on April 30 2019 - 25% progression, died in committee
Action: 2019-04-30 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

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.

Legacy IRA Act

Sen. Kevin Cramer [R-ND]	Sen. Debbie Stabenow [D-MI]	Sen. John Cornyn [R-TX]	Sen. Steve Daines [R-MT]
Sen. Gary Peters [D-MI]	Sen. Kelly Loeffler [R-GA]	Sen. Jacky Rosen [D-NV]

Date	Chamber	Action
2019-04-30	Senate	Read twice and referred to the Committee on Finance.

HB3832 (Same As) 2019-07-18 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/1257/all-info
Text	https://www.congress.gov/116/bills/s1257/BILLS-116s1257is.pdf