[Legislative Update] Charitable Giving Bills to Watch

Posted by Perry Wasserman on Oct 14, 2016 9:39:00 AM

Congress is presently in recess until after the November election, at which point lawmakers will return to DC for a lame-duck session that should pick-up steam in the weeks between Thanksgiving and Christmas.  During these waning days of the 114th Congressional session, CGP is monitoring a number of bills that would directly affect charitable giving incentives.  These bills include:

  • Legacy IRA Rollover Act (H.R. 5171), which would amend the current-law IRA Charitable Rollover to permit life-income gifts. Under the bill, qualified life-income plans include charitable remainder trusts and charitable gift annuities.  There would be a $400,000 cap for life-income gifts beginning at age 65, and for individuals 70½ or older, the combined ceiling for direct and life-income transfers is $400,000 (with a $100,000 cap for direct transfers).
  • Grow Philanthropy Act (H.R. 4907), which would amend the IRA Charitable Rollover to allow donor-advised funds (DAFs) to receive otherwise qualified charitable distributions under the current law.
  • Charities Helping Americans Regularly Throughout the Year Act (S. 2750), which contains a number of provisions relating to charitable giving, including the DAF provision described above as well as language that would require DAF sponsors to disclose policies on inactive or dormant funds and average aggregate contributions to and grants made from the funds during the most recent three-year period, as well as a couple of provisions specifically helpful to private foundations.

Although we do not expect any of these bills to pass this year as stand-alone measures, it remains possible they are included, in one form or another, in a larger tax bill that moves before the end of the year.  

Join the November 15th CGP Advocacy Update webinar to hear more. Learn more

Topics: Advocacy