Grow Philanthropy Act of 2016

Bill: 114-hr-4907
Sponsor: full_name: Rep. Holding, George [R-NC-13]
Introduced: 2016-04-12
Policy area: Taxation
Subjects: Charitable contributions

Employee benefits and pensions

Income tax exclusion

Social work, volunteer service, charitable organizations
Latest action: action_date: 2016-04-12
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2016-04-12
action_desc: Introduced in House
text: <p><b>Grow Philanthropy Act of 2016</b></p> <p>This bill amends the Internal Revenue Code to exclude 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. </p> <p>(A donor-advised fund 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.)</p>

tv_txt: I 114th CONGRESS 2d Session H. R. 4907 IN THE HOUSE OF REPRESENTATIVES April 12, 2016 Mr. Holding (for himself, Mr. Tiberi , Mr. Nunes , Mr. Paulsen , Mr. Kelly of Pennsylvania , and Mr. Gene Green of Texas ) 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 allow tax-free distributions from individual retirement plans to donor-advised funds.

1. Short title This Act may be cited as the Grow Philanthropy Act of 2016 . 2. Tax-free distributions from individual retirement plans to donor-advised funds (a) In general Section 408(d)(8)(B)(i) of the Internal Revenue Code of 1986 is amended by striking or any fund or account described in section 4966(d)(2) . (b) Effective date The amendment made by this section shall apply to distributions made in taxable years beginning after December 31, 2016.