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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Legacy IRA Act

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Internal Revenue Code of 1986 to expand tax-free distributions from individual retirement accounts to include rollovers for charitable life-income plans for charitable purposes.


Actions Overview (1)

Date Actions Overview
04/30/2019Introduced in Senate

All Actions (1)

Date All Actions
04/30/2019Read twice and referred to the Committee on Finance.
Action By: Senate

Cosponsors (5)

* = Original cosponsor
CosponsorDate Cosponsored
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

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Finance04/30/2019 Referred to

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Subjects (5)


Latest Summary (1)

There is one summary for S.1257. View summaries

Shown Here:
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.