What is the official ID of this bill?

The official print number for this legislation is S 243.

When did the legislative process begin?

The process officially started on 2021-02-04.

Where can I read the full text of this legislation?

The full official text is available at: https://www.congress.gov/117/bills/s243/BILLS-117s243is.htm

Is this summary verified?

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

Who is the primary sponsor?

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

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Analysis and Potential Impact of S 243

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

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

Q: 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.

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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Status:

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Additional Information

Legacy IRA Act

Print number: S 243

Sponsor: Sen. Cramer, Kevin [R-ND]

Process start date: 2021-02-04

System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.

Summarized by: gemini-2.5-flash

Source data: api.congress.gov

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

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