US Congress Senate Bill 2750 (Prior Session Legislation)

---

Spectrum: Bipartisan Bill
Status: Introduced on April 6 2016 - 25% progression, died in committee
Action: 2016-04-06 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Charities Helping Americans Regularly Throughout the Year Act This bill amends the Internal Revenue Code to modify several tax provisions affecting charitable contributions and tax-exempt organizations. 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). (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.) Sponsors of DAFs must disclose in their returns specified details regarding: (1) policies on inactive or dormant funds, and (2) average aggregate contributions to and grants made from the funds during the most recent three-year period. 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. Tax-exempt organizations must file their returns in electronic form, and the Internal Revenue Service (IRS) must make the returns available to the public in a machine readable format as soon as practicable. The IRS may delay the requirement for up to two years for certain small organizations. The IRS 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 the rate may not be less than the rate for medical purposes (19 cents per mile for 2016). The bill exempts certain philanthropic business holdings from the tax on excess business holdings of private foundations if a foundation meets requirements for exclusive ownership, donating all profits to charity, and independent operation.

Charities Helping Americans Regularly Throughout the Year Act

Sen. John Thune [R-SD]	Sen. Ron Wyden [D-OR]	Sen. Pat Roberts [R-KS]	Sen. Debbie Stabenow [D-MI]
Sen. Gary Peters [D-MI]	Sen. Rob Portman [R-OH]	Sen. Amy Klobuchar [D-MN]	Sen. Pat Toomey [R-PA]
Sen. David Vitter [R-LA]	Sen. Mark Kirk [R-IL]	Sen. Robert Casey [D-PA]	Sen. John Boozman [R-AR]
Sen. Jerry Moran [R-KS]	Sen. Charles Schumer [D-NY]	Sen. Joe Donnelly [D-IN]	Sen. Maria Cantwell [D-WA]
Sen. Susan Collins [R-ME]	Sen. Jeanne Shaheen [D-NH]	Sen. Christopher Coons [D-DE]

Date	Chamber	Action
2016-04-06	Senate	Read twice and referred to the Committee on Finance.

HB3732 (Related) 2015-10-09 - Referred to the House Committee on Ways and Means.
SB909 (Related) 2015-04-14 - Placed on Senate Legislative Calendar under General Orders. Calendar No. 43.
HB4907 (Related) 2016-04-12 - Referred to the House Committee on Ways and Means.
HB640 (Related) 2015-02-09 - Placed on the Union Calendar, Calendar No. 13.
HB5007 (Related) 2016-04-20 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/2750/all-info
Text	https://www.congress.gov/114/bills/s2750/BILLS-114s2750is.pdf