All Information (Except Text) for S.1257 - Legacy IRA Act116th Congress (2019-2020) |
|Sponsor:||Sen. Cramer, Kevin [R-ND] (Introduced 04/30/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 04/30/2019 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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- Passed House
- To President
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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Short Titles - Senate
Short Titles as Introduced
Legacy IRA Act
Actions Overview (1)
|04/30/2019||Introduced in Senate|
04/30/2019 Introduced in Senate
All Actions (1)
|04/30/2019||Read twice and referred to the Committee on Finance.|
Action By: Senate
04/30/2019 Read twice and referred to the Committee on Finance.
|Sen. Stabenow, Debbie [D-MI]*||04/30/2019|
|Sen. Cornyn, John [R-TX]||10/31/2019|
|Sen. Daines, Steve [R-MT]||11/18/2019|
|Sen. Peters, Gary C. [D-MI]||01/15/2020|
|Sen. Loeffler, Kelly [R-GA]||05/14/2020|
|Committee / Subcommittee||Date||Activity||Reports|
|Senate Finance||04/30/2019||Referred to|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
Latest Summary (1)
Introduced in Senate (04/30/2019)
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.