CARE Act of 2003

Bill: 108-s-256
Sponsor: Sen. Grassley, Chuck [R-IA]
Introduced: 2003-01-30 in the Senate
Policy area: Taxation
Subjects: Agriculture and Food
Animals
Armed Forces and National Security
Art
Arts
Arts, Culture, Religion
Associations, institutions, etc.
Authors and authorship
Block grants
Books
Business records
Capital gains tax
Charitable contributions
Civil Rights and Liberties, Minority Issues
Commerce
Commuting
Computers
Confidential communications
Congress
Congressional reporting requirements
Conservation of natural resources
Copyright
Corporation taxes
Debt
Education
Excise tax
Farmers
Federal-state relations
Finance and Financial Sector
Fishes
Food industry
Foundations
Government Operations and Politics
Government publicity
Health
Higher education
Hospitals
Income tax
Individual retirement accounts
Intellectual property
Interest
Internet
Labor and Employment
Land transfers
Law
Literature
Lobbying
Music
Poverty
Public Lands and Natural Resources
Range management
Real property
Religion
Right of privacy
Saving and investment
Scholarships
Science, Technology, Communications
Social Welfare
Stocks
Tax administration
Tax deductions
Tax exemption
Tax penalties
Tax preparers
Tax returns
Tax-exempt organizations
Terrorism
Transportation and Public Works
Trusts and trustees
Unrelated business income tax
Valuation
Volunteer workers
War relief
Water Resources Development
Water conservation
Water rights
Web sites
Wildlife

Summary:
action_date: 2003-01-30
text: CARE Act of 2003 - Amends the Internal Revenue Code with respect to charitable giving, charitable organizations, and social services to, among other things: (1) allow a deduction for a portion of charitable contributions to individuals who do not itemize; (2) allow tax-free distributions from individual retirement accounts for charitable purposes; (3) allow for the exclusion of 25 percent of gain on sales or exchanges of land or water interests to eligible entities for conservation purposes; (4) exclude mileage reimbursements to charitable volunteers from gross income; (5) increase oversight of tax-exempt organizations; (6) suspend the tax-exempt status of terrorist organizations; (7) modify the excise tax on unrelated business taxable income of charitable remainder trusts; (8) repeal the grassroots expenditure limit for charitable organizations; (9) modify the definition of convention or association of churches to state that no such grouping shall fail to qualify merely because individuals are members or because individuals have voting rights in such organization; (10) count certain payments made by charitable organizations to victims in the war against terrorism as related to the purpose or function constituting the basis for such organizations' exemptions; (11) restore funds for the Social Services Block Grant; and (12) restore authority to transfer up to ten percent of Temporary Assistance to Needy Families funds to the Social Services Block Grant.
Savings for Working Families Act of 2003 - States as a purpose of this Act to provide for the establishment of individual development account programs that will provide individuals and families with limited means an opportunity to accumulate assets and to enter the financial mainstream.
Provides procedures for opening and maintaining such an account and qualifying for matching funds.
Authorizes appropriations for the: (1) Savings for Working Families Act of 2003; and (2) administration of exempt organizations by the Internal Revenue Service.

Legislative actions:
action_date: 2003-01-30
text: Read twice and referred to the Committee on Finance.
action_date: 2003-01-30
text: Introduced in Senate