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New tax-free IRA distributions for charitable giving and life-income plans.

The Legacy IRA Act introduces changes that make it easier to donate funds from Individual Retirement Accounts (IRAs) to charitable causes. It allows individuals meeting specific age requirements to make such donations without incurring income tax, potentially encouraging greater support for non-profit organizations. Citizens gain a new, tax-advantageous option for supporting chosen charities while managing their retirement funds.
Key points
Up to $400,000 annually can be distributed from an IRA to charity tax-free.
A $130,000 annual limit is set for direct contributions to charitable organizations.
Donations to "split-interest entities" (e.g., charitable remainder trusts) are allowed for individuals aged 65 and older.
Direct contributions to specified charitable organizations are permitted for individuals aged 70½ and older.
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Expired
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Additional Information
Print number: 117_S_243
Sponsor: Sen. Cramer, Kevin [R-ND]
Process start date: 2021-02-04
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Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Legacy IRA Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_243.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-02-04.

What are the main provisions?

Key points include:

  • Up to $400,000 annually can be distributed from an IRA to charity tax-free.
  • A $130,000 annual limit is set for direct contributions to charitable organizations.
  • Donations to "split-interest entities" (e.g., charitable remainder trusts) are allowed for individuals aged 65 and older.
  • Direct contributions to specified charitable organizations are permitted for individuals aged 70½ and older.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Cramer, Kevin [R-ND].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Taxes Benefits