Summary: H.R.4706 — 114th Congress (2015-2016)All Information (Except Text)

There is one summary for H.R.4706. Bill summaries are authored by CRS.

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Introduced in House (03/03/2016)

Interest for Others Act of 2016

This bill amends the Internal Revenue Code to allow individuals, trusts, or estates to exclude from gross income up to $50 of interest and money market fund dividend income that is contributed to charity using a program adopted by a financial institution or a money market fund.

Details regarding the payments to charities must be reported to the Internal Revenue Service by any person that: (1) pays certain interest or dividends and has a charitable contribution program, or (2) is an aggregator that receives contributions and makes payments to charities under a program.