Charitable Agricultural Research Act

Bill: 114-s-1429
Sponsor: full_name: Sen. Thune, John [R-SD]
Introduced: 2015-05-21
Policy area: Taxation
Subjects: Agricultural research

Charitable contributions

Higher education

Income tax deductions

Public participation and lobbying

Social work, volunteer service, charitable organizations

Tax-exempt organizations
Latest action: action_date: 2015-05-21
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2015-05-21
action_desc: Introduced in Senate
text: <p><strong>Charitable Agricultural Research Act</strong></p> <p>This bill amends the Internal Revenue Code to: (1) allow a tax deduction for charitable contributions to agricultural research organizations directly engaged in the continuous active conduct of research in conjunction with an agricultural college or university, and (2) extend to such organizations the prohibition against expenditures by public charities to influence legislation.</p>

tv_txt: II 114th CONGRESS 1st Session S. 1429 IN THE SENATE OF THE UNITED STATES May 21, 2015 Mr. Thune (for himself, Ms. Stabenow , Mr. Inhofe , Mr. Wyden , Mr. Blunt , Mr. Cochran , and Ms. Klobuchar ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to provide for the deductibility of charitable contributions to agricultural research organizations, and for other purposes.

1. Short title This Act may be cited as the Charitable Agricultural Research Act . 2. Deductibility of charitable contributions to agricultural research organizations (a) In general Section 170(b)(1)(A)(iii) of the Internal Revenue Code of 1986 is amended to read as follows: (iii) an organization the principal purpose or functions of which are the providing of medical or hospital care or medical education or medical research, or agricultural research, if the organization is a hospital, or if the organization is a medical or agricultural research organization directly engaged in the continuous active conduct of medical or agricultural research in conjunction with a hospital (in the case of medical research) or college or university of agriculture (in the case of agricultural research), and during the calendar year in which the contribution is made such organization is committed to spend such contributions for such research before January 1 of the fifth calendar year which begins after the date such contribution is made, . (b) Expenditures To influence legislation Section 501(h)(4)(B) of the Internal Revenue Code of 1986 is amended by striking organizations) and inserting organizations; and colleges or universities of agriculture and agricultural research organizations) . (c) Effective date The amendments made by this section shall apply to contributions made on and after the date of the enactment of this Act.