qualified aggregator provides in advance a no-
tice of— 
‘‘(i) its intent to retain a portion, and 
‘‘(ii) the method to be used to cal-
culate the amount to be so retained. 
‘‘(C) SPECIAL RULE REGARDING STATUS 
TO RECEIVE CHARITABLE CONTRIBUTIONS.—A 
program shall not fail to be described in para-
graph (1) merely because the ultimate recipient 
of a contribution is ineligible to receive chari-
table contributions so long as the qualified 
aggregator and the financial institution or 
money market fund (as the case may be) made 
an initial good faith determination that con-
tributions to recipients under the program 
would be qualified under section 170(c) to re-
ceive charitable contributions. For purposes of 
the preceding sentence, a financial institution 
or money market fund may rely upon the rep-
resentation of the qualified aggregator that the 
organizations to which distributions will be 
made qualify under section 170(c) to receive 
charitable contributions. 
‘‘(d) OTHER DEFINITIONS.—For purposes of this 
section— 
VerDate Sep 11 2014 
00:38 Feb 14, 2017
Jkt 069200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H894.IH
H894
emcdonald on DSK9F6TC42PROD with BILLS
‘‘(1) DEPOSIT.—The term ‘deposit’ means any 
deposit, withdrawable account, or withdrawable or 
repurchasable share. 
‘‘(2) FINANCIAL INSTITUTION.—The term ‘fi-
nancial institution’ means— 
‘‘(A) any bank (as defined in section 581), 
‘‘(B) any institution described in section 
591, 
‘‘(C) any credit union the deposits or ac-
counts in which are insured under Federal or 
State law or are protected or guaranteed under 
State law, and 
‘‘(D) any similar institution chartered and 
supervised under Federal or State law. 
‘‘(3) MONEY MARKET FUND.—The term ‘money 
market fund’ means an open-end investment man-
agement company registered under the Investment 
Company Act of 1940 and subject to Rule 2a–7 
thereof. 
‘‘(4) CHARITABLE
CONTRIBUTION.—The term 
‘charitable contribution’ means a charitable con-
tribution as defined in section 170(c).’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
for part III of subchapter B of chapter 1 of such Code 
VerDate Sep 11 2014 
00:38 Feb 14, 2017
Jkt 069200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H894.IH
H894
emcdonald on DSK9F6TC42PROD with BILLS
is amended by inserting after the item relating to section 
139E the following: 
‘‘Sec. 139F. Interest and money market fund dividends donated to charity.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to all interest and money market 
fund dividends paid after December 31, 2016. 
SEC. 3. DENIAL OF DEDUCTION OF AMOUNTS EXCLUDED 
FROM INCOME UNDER SECTION 139F. 
(a) IN GENERAL.—Section 170(f) of the Internal 
Revenue Code of 1986 is amended by adding at the end 
the following: 
‘‘(19) CERTAIN
DONATED
INTEREST
AND 
MONEY
MARKET
FUND
DIVIDENDS.—Amounts ex-
cluded from gross income under section 139F shall 
not be taken into account as a charitable contribu-
tion for purposes of this section.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to all charitable contributions 
made after December 31, 2016. 
SEC. 4. INFORMATION RETURNS. 
(a) MONEY MARKET FUNDS.—Section 6042(b)(2) of 
the Internal Revenue Code of 1986 is amended by striking 
‘‘or’’ at the end of subparagraph (A), by striking the pe-
riod at the end of subparagraph (B) and inserting ‘‘, or’’ 
and by adding at the end the following: 
VerDate Sep 11 2014 
00:38 Feb 14, 2017
Jkt 069200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H894.IH
H894
emcdonald on DSK9F6TC42PROD with BILLS
‘‘(C) which is specifically excluded from 
gross income of the payee by section 139F(a).’’. 
(b) PAYMENTS OF INTEREST.—Section 6049(b)(2) of 
such Code is amended by striking ‘‘and’’ at the end of 
subparagraph (B), by striking the period at the end of 
subparagraph (C) and inserting ‘‘, and’’, and by adding 
at the end the following: 
‘‘(D) interest which is specifically excluded 
from gross income of the payee by section 
139F(a).’’. 
(c) RETURNS REGARDING PAYMENTS EXCLUDED 
FROM GROSS INCOME UNDER SECTION 139F.—Subpart 
B of part III of subchapter A of chapter 61 of such Code 
is amended by inserting after section 6049 the following: 
‘‘SEC. 6049A. RETURNS REGARDING INTEREST AND MONEY 
MARKET FUND DIVIDENDS CONTRIBUTED TO 
CHARITY. 
‘‘Every person who, during any calendar year— 
‘‘(1) makes payments of interest or dividends 
aggregating $10 or more and who has in effect a 
qualified 
program 
(as 
defined 
in 
section 
139F(c)(1)), or 
‘‘(2) is a qualified aggregator (as defined in 
section 139F(c)(2)) and who, under such a qualified 
program, receives contributions and makes payments 
VerDate Sep 11 2014 
00:38 Feb 14, 2017
Jkt 069200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6201
E:\BILLS\H894.IH
H894
emcdonald on DSK9F6TC42PROD with BILLS
aggregating $10 or more to any entity described in 
section 170(c), 
shall make a return according to the forms or regulations 
prescribed by the Secretary setting forth the aggregate 
amount of such payments, and the name and address of 
the person to whom paid.’’. 
(d) CONFORMING AMENDMENT.—The table of sec-
tions for subpart B of part III of subchapter A of chapter 
61 of such Code is amended by inserting after the item 
relating to section 6049 the following new item: 
‘‘Sec. 6049A. Returns regarding interest and money market fund dividends 
contributed to charity.’’. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to all payments made after Decem-
ber 31, 2016. 
Æ 
VerDate Sep 11 2014 
00:38 Feb 14, 2017
Jkt 069200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6301
E:\BILLS\H894.IH
H894
emcdonald on DSK9F6TC42PROD with BILLS