Legacy IRA Act

Summary

Legacy IRA Act This bill amends the Internal Revenue Code to expand the tax exclusion for distributions from individual retirement accounts (IRAs) for charitable purposes. The bill increases from $100,000 to $400,000 the annual limit on the aggregate amount of distributions for charitable purposes that may be excluded from the gross income of a taxpayer. The bill permits tax-free distributions from IRAs to a split-interest entity for four years after the enactment of this bill. A split-interest entity is exclusively funded by charitable distributions and includes: a charitable remainder annuity trust, a charitable remainder unitrust, or a charitable gift annuity. A charitable gift annuity must commence fixed payments of at least 5% no later than one year from the date of funding. A distribution to a split-interest entity may only be treated as a qualified charitable distribution if: (1) no person holds an income interest in the entity other than the individual for whose benefit the account is maintained, the spouse of such individual, or both; and (2) the income interest in the entity is nonassignable.

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Timeline

1. 4 February 2021

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 4 February 2021

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 4 February 2021 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 4 February 2021

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 4 February 2021

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 4 February 2021

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Cramer, Kevin [R-ND] · R · Sponsor
• Sen. Stabenow, Debbie [D-MI] · D · Sponsor
• Sen. Daines, Steve [R-MT] · R · Sponsor
• Sen. Rosen, Jacky [D-NV] · D · Sponsor
• Sen. Cornyn, John [R-TX] · R · Sponsor
• Sen. Peters, Gary C. [D-MI] · D · Cosponsor
• Sen. Murkowski, Lisa [R-AK] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to ← Legacy IRA Act