What is the official ID of this bill?
The official print number for this legislation is HR 2909.
New Rules for Charitable Donations from Retirement Accounts
This bill amends tax rules to make it easier to donate money from Individual Retirement Accounts (IRAs) to charities. It allows a one-time donation to specific split-interest entities, which combine charitable giving with benefits for the donor, and adjusts donation limits for inflation. This helps citizens support charities more easily while potentially benefiting from tax advantages.
Key points
A one-time election to transfer up to $50,000 from an IRA to certain split-interest entities, which combine charitable support with benefits for the donor (e.g., income for the donor or their spouse).
Limits on qualified charitable distributions from IRAs will be adjusted for inflation starting in 2022, meaning larger amounts can be donated over time without losing tax benefits.
These donations must meet specific conditions to qualify, including that no one other than the donor or their spouse can hold an income interest in the donated funds.
Status:
Expired
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