All Information (Except Text) for S.1475 - Charities Helping Americans Regularly Throughout the Year Act of 2019116th Congress (2019-2020) |
|Sponsor:||Sen. Thune, John [R-SD] (Introduced 05/15/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 05/15/2019 Read twice and referred to the Committee on Finance. (text: CR S2887-2888) (All Actions)|
This bill has the status Introduced
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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Actions Overview (1)
|05/15/2019||Introduced in Senate|
05/15/2019 Introduced in Senate
All Actions (1)
|05/15/2019||Read twice and referred to the Committee on Finance. (text: CR S2887-2888)|
Action By: Senate
05/15/2019 Read twice and referred to the Committee on Finance. (text: CR S2887-2888)
|Sen. Casey, Robert P., Jr. [D-PA]*||05/15/2019|
|Sen. Wyden, Ron [D-OR]*||05/15/2019|
|Sen. Roberts, Pat [R-KS]*||05/15/2019|
|Sen. Klobuchar, Amy [D-MN]||06/04/2019|
|Sen. Peters, Gary C. [D-MI]||06/04/2019|
|Sen. Boozman, John [R-AR]||08/01/2019|
|Committee / Subcommittee||Date||Activity||Reports|
|Senate Finance||05/15/2019||Referred to|
Subject — Policy Area:
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Latest Summary (1)
Introduced in Senate (05/15/2019)
Charities Helping Americans Regularly Throughout the Year Act of 2019
This bill modifies several tax provisions in the Internal Revenue Code affecting charitable contributions and tax-exempt organizations.
The Internal Revenue Service may determine the standard mileage rate for deducting the cost of using a passenger automobile for charitable purposes (currently set by statute at 14 cents per mile), and that rate may not be less than the rate for medical purposes (20 cents per mile in 2019).
The bill requires tax-exempt organizations to file their returns in electronic form.
The bill excludes from the gross income of an individual who is at least 70-1/2 years of age up to $100,000 in distributions from an individual retirement plan to a donor advised fund (DAF). The bill also modifies disclosure requires for DAFs. (A DAF is a fund or account that is separately identified by reference to contributions of a donor or donors. The account is owned and controlled by a sponsoring charitable organization, while the donor retains advisory privileges with respect to the distribution and investment of funds in the account.)
The bill reduces from 2% to 1% the excise tax on the investment income of private foundations and eliminates a provision that reduces the rate to 1% if a foundation meets certain distribution requirements.