US SB1475 | 2019-2020 | 116th Congress

Status

Spectrum: Bipartisan Bill
Status: Introduced on May 15 2019 - 25% progression
Action: 2019-05-15 - Read twice and referred to the Committee on Finance. (text: CR S2887-2888)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Charities Helping Americans Regularly Throughout the Year Act of 2019 This bill modifies several tax provisions in the Internal Revenue Code affecting charitable contributions and tax-exempt organizations. The Internal Revenue Service may determine the standard mileage rate for deducting the cost of using a passenger automobile for charitable purposes (currently set by statute at 14 cents per mile), and that rate may not be less than the rate for medical purposes (20 cents per mile in 2019). The bill requires tax-exempt organizations to file their returns in electronic form. The bill excludes from the gross income of an individual who is at least 70-1/2 years of age up to $100,000 in distributions from an individual retirement plan to a donor advised fund (DAF). The bill also modifies disclosure requires for DAFs. (A DAF is a fund or account that is separately identified by reference to contributions of a donor or donors. The account is owned and controlled by a sponsoring charitable organization, while the donor retains advisory privileges with respect to the distribution and investment of funds in the account.) The bill reduces from 2% to 1% the excise tax on the investment income of private foundations and eliminates a provision that reduces the rate to 1% if a foundation meets certain distribution requirements.

Tracking Information

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Title

Charities Helping Americans Regularly Throughout the Year Act of 2019

Sponsors


History

DateChamberAction
2019-05-15SenateRead twice and referred to the Committee on Finance. (text: CR S2887-2888)

Same As/Similar To

HB3259 (Similar To) 2019-06-13 - Referred to the House Committee on Ways and Means.
HB4953 (Related) 2019-10-31 - Referred to the House Committee on Ways and Means.

Subjects


US Congress State Sources


Bill Comments

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