Congress 108 - S 256 - CARE Act of 2003

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Cosponsors

Topics

Agriculture and Food Animals Armed Forces and National Security Art Arts Arts, Culture, Religion Associations, institutions, etc. Authors and authorship Block grants Books Business records Capital gains tax Charitable contributions Civil Rights and Liberties, Minority Issues Commerce Commuting Computers Confidential communications Congress Congressional reporting requirements Conservation of natural resources Copyright Corporation taxes Debt Education Excise tax Farmers Federal-state relations Finance and Financial Sector Fishes Food industry Foundations Government Operations and Politics Government publicity Health Higher education Hospitals Income tax Individual retirement accounts Intellectual property Interest Internet Labor and Employment Land transfers Law Literature Lobbying Music Poverty Public Lands and Natural Resources Range management Real property Religion Right of privacy Saving and investment Scholarships Science, Technology, Communications Social Welfare Stocks Tax administration Tax deductions Tax exemption Tax penalties Tax preparers Tax returns Tax-exempt organizations Taxation Terrorism Transportation and Public Works Trusts and trustees Unrelated business income tax Valuation Volunteer workers War relief Water conservation Water Resources Development Water rights Web sites Wildlife

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Summary

CARE Act of 2003 - Amends the Internal Revenue Code with respect to charitable giving, charitable organizations, and social services to, among other things: (1) allow a deduction for a portion of charitable contributions to individuals who do not itemize; (2) allow tax-free distributions from individual retirement accounts for charitable purposes; (3) allow for the exclusion of 25 percent of gain on sales or exchanges of land or water interests to eligible entities for conservation purposes; (4) exclude mileage reimbursements to charitable volunteers from gross income; (5) increase oversight of tax-exempt organizations; (6) suspend the tax-exempt status of terrorist organizations; (7) modify the excise tax on unrelated business taxable income of charitable remainder trusts; (8) repeal the grassroots expenditure limit for charitable organizations; (9) modify the definition of convention or association of churches to state that no such grouping shall fail to qualify merely because individuals are members or because individuals have voting rights in such organization; (10) count certain payments made by charitable organizations to victims in the war against terrorism as related to the purpose or function constituting the basis for such organizations' exemptions; (11) restore funds for the Social Services Block Grant; and (12) restore authority to transfer up to ten percent of Temporary Assistance to Needy Families funds to the Social Services Block Grant.

Savings for Working Families Act of 2003 - States as a purpose of this Act to provide for the establishment of individual development account programs that will provide individuals and families with limited means an opportunity to accumulate assets and to enter the financial mainstream.

Provides procedures for opening and maintaining such an account and qualifying for matching funds.

Authorizes appropriations for the: (1) Savings for Working Families Act of 2003; and (2) administration of exempt organizations by the Internal Revenue Service.

Actions

Jan 30, 2003

Read twice and referred to the Committee on Finance.
Jan 30, 2003

Introduced in Senate

Amendments

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