I 
115TH CONGRESS 
1ST SESSION 
H. R. 894 
To amend the Internal Revenue Code of 1986 to exclude from gross income 
certain interest and money market fund dividend income payments to 
charity and to modify the requirements relating to the reporting of 
such payments. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 6, 2017 
Mr. PAULSEN introduced the following bill; which was referred to the 
Committee on Ways and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to exclude 
from gross income certain interest and money market 
fund dividend income payments to charity and to modify 
the requirements relating to the reporting of such pay-
ments. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Interest for Others 
Act of 2017’’. 
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SEC. 2. EXCLUSION FROM GROSS INCOME OF CERTAIN IN-
TEREST AND MONEY MARKET FUND DIVI-
DENDS PAID TO CHARITY. 
(a) IN GENERAL.—Part III of subchapter B of chap-
ter 1 of the Internal Revenue Code of 1986 is amended 
by inserting after 139E the following: 
‘‘SEC. 139F. INTEREST AND MONEY MARKET FUND DIVI-
DENDS DONATED TO CHARITY. 
‘‘(a) GENERAL RULE.—In the case of a taxpayer who 
is an individual, trust, or estate, gross income for a taxable 
year shall not include the amount of a charitable contribu-
tion pursuant to a qualified program made during the tax-
able year in which a calendar year ends. 
‘‘(b) LIMITATIONS.— 
‘‘(1) EXCLUSION LIMITED TO INTEREST AND 
DIVIDEND
INCOME.—The amount excluded from 
gross income by subsection (a) for a calendar year 
shall not exceed the sum of— 
‘‘(A) in the case of a deposit in a financial 
institution, the lesser of— 
‘‘(i) the amount of interest paid to the 
taxpayer on such deposit for the calendar 
year, and 
‘‘(ii) the aggregate charitable con-
tribution from such deposit during the cal-
endar year, and 
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‘‘(B) in the case of shares in a money mar-
ket fund, the lesser of— 
‘‘(i) the amount of dividends paid with 
respect to such shares for the calendar 
year, and 
‘‘(ii) the aggregate charitable con-
tribution from such shares during the cal-
endar year. 
‘‘(2) ACCOUNT LIMITATION.—The amount ex-
cluded from gross income by subsection (a) from an 
account for a calendar year shall not exceed $50. 
‘‘(c) QUALIFIED PROGRAM.—For purposes of this 
section— 
‘‘(1) IN
GENERAL.—The term ‘qualified pro-
gram’ means a program adopted by a financial insti-
tution or a money market fund (as the case may be) 
under which— 
‘‘(A) the owner of a deposit in the financial 
institution or of shares in the money market 
fund— 
‘‘(i) elects to participate in the pro-
gram, 
‘‘(ii) elects the amount of donation 
from the owner’s deposit or shares, and 
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‘‘(iii) designates an entity described in 
section 170(c) to receive the donation, and 
‘‘(B) the financial institution or money 
market fund makes, directly or through a quali-
fied aggregator, a contribution of the amount 
elected under subparagraph (A)(ii) to the entity 
designated under subparagraph (A)(iii). 
‘‘(2) QUALIFIED AGGREGATOR.— 
‘‘(A) IN
GENERAL.—The term ‘qualified 
aggregator’ means an organization— 
‘‘(i) which is described in section 
501(c)(3) and exempt from tax under sec-
tion 501(a), and 
‘‘(ii) the purpose of which is to facili-
tate charitable contributions under a quali-
fied program by aggregating contributions 
from deposits and funds and payments to 
entities designated to receive such pay-
ments. 
‘‘(B) ADMINISTRATIVE COSTS.—An entity 
shall not fail to be treated as a qualified 
aggregator solely because the entity retains a 
portion of contributions from deposits and 
funds to cover its administrative costs if the 
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