Public Good IRA Rollover Act of 2017
Latest action · Sep 14, 2017 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedSep 14, 2017
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Public Good IRA Rollover Act of 2017
This bill amends the Internal Revenue Code to revise the tax exclusion for distributions from individual retirement accounts (IRAs) for charitable purposes to: (1) eliminate the $100,000 cap on such exclusion; (2) permit tax-free distributions from IRAs to a split-interest entity (i.e., a charitable remainder annuity or unitrust, a pooled income fund, and a charitable gift annuity); and (3) allow distributions to a split-interest entity to be made when the account beneficiary attains age 59-1/2 (otherwise, age 70-1/2 for IRA distributions to a charitable organization).
Cosponsors 3
Members who signed on, in the order they did. All signed on Sep 14, 2017.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Charles E. Schumer | Original | Sep 14, 2017 |
| D-NY | Kirsten E. Gillibrand | Original | Sep 14, 2017 |
| R-ME | Susan M. Collins | Original | Sep 14, 2017 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Sep 14, 2017 |
Actions 2
Everything that happened, newest first.
- Sep 14, 2017Introduced in Senate
- Sep 14, 2017Read twice and referred to the Committee on Finance.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| 115-61 | REGULATORY REFORM AND ROLLBACK: THE EFFECTS ON SMALL BUSINESSES96 pages | Small Business Committee | Mar 7, 2018 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to expand tax-free distributions from individual retirement accounts for charitable purposes.
- Short Titles as Introduced
- Public Good IRA Rollover Act of 2017
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Sep 14, 2017Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
