H.R.2000 - Personal Philanthropy Account Act of 2007110th Congress (2007-2008)
|Sponsor:||Rep. Deal, Nathan [R-GA-9] (Introduced 04/23/2007)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 04/23/2007 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.2000 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in House (04/23/2007)
Personal Philanthropy Account Act of 2007 - Amends the Internal Revenue Code to allow a tax deduction (whether or not the taxpayer itemizes deductions) for cash contributions to a personal philanthropy account. Defines "personal philanthropy account" as a tax-exempt trust created to make distributions for charitable purposes. Sets forth rules providing for employer contributions to such accounts, default charitable distributions in the event of an account holder's death, and minimum annual distributions.
Allows an exclusion from the gross income of an employee for contributions made by an employer to the employee's personal philanthropy account.