H.R.4706 - Interest for Others Act of 2016114th Congress (2015-2016)
|Sponsor:||Rep. Paulsen, Erik [R-MN-3] (Introduced 03/03/2016)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 03/03/2016 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.4706 — 114th Congress (2015-2016)All Information (Except Text)
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.