To amend the Internal Revenue Code of 1986 to allow a tax-free distribution from a qualified retirement plan to the extent that the distribution is contributed for charitable purposes.

Summary

Amends the Internal Revenue Code to allow a tax-free distribution from a qualified retirement plan to the extent that the distribution is contributed for charitable purposes. Declares that a trust forming part of a profit-sharing or pension plan shall not be treated as failing to constitute a qualified trust merely because the stock bonus, profit-sharing, or pension plan of which it is a part makes one or more qualified charitable distributions. Excludes from the gross income of a plan participant the amount of any qualified charitable distribution (regardless of whether such distribution is made with respect to the participant's charitable pledge) from a stock bonus, profit-sharing, or pension plan: (1) to an organization to which deductible charitable contributions are allowed; (2) to a charitable remainder annuity trust or a charitable remainder unitrust; (3) to a pooled income fund; or (4) for the issuance of a charitable gift annuity. Allows such income exclusion only if no person holds an income interest in the amounts in the trust, fund, or annuity attributable to such distribution other than one or more of the following: (1) the individual for whose benefit amounts in the stock bonus, or profit-sharing pension plan are maintained and from which such distribution was made; (2) the individual's spouse; or (3) any organization to which deductible charitable contributions are allowed. Denies a taxpayer any charitable contribution deduction for the taxable year for the qualified charitable distributions made during such year with respect to the taxpayer.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 15 April 1999

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• Introduced in House (PDF)

  Introduced in House · EN · 15 April 1999

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• Introduced in House

  summary · EN · 15 April 1999

  Open at official source

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