HR 2909
To amend the Internal Revenue Code of 1986 to allow a one-time election for a qualified charitable distribution to a split-interest entity and to inflation adjust the limits for qualified charitable distributions.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill allows taxpayers to make a one-time election to donate directly from their Individual Retirement Accounts (IRAs) to split-interest entities like charitable remainder trusts or annuities, which benefit charitable organizations. The maximum amount of this qualified charitable distribution is currently $50,000, but this bill adjusts this limit for inflation, starting in 2023. It also establishes specific rules regarding how these distributions must be structured to qualify for tax benefits.
Sponsors
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Primary sponsor
Donald S., Jr. Beyer
Cosponsor
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