To amend the Internal Revenue Code of 1986 to exclude from gross income charitable distributions from certain employer-sponsored retirement plans, and for other purposes.

This bill would let people age 70½ or older make tax-free charitable gifts directly from certain employer-sponsored retirement plans, such as 401(k)-type plans, 403(b) plans, government 457(b) plans, and other government employee plans. The distribution must go directly from the plan to a qualifying charity, and it would not count as taxable income. The yearly tax-free limit would be the same dollar limit that applies to charitable gifts from IRAs, reduced by any amount already given tax-free from IRAs that year. The bill would also allow these charitable distributions from SEP and SIMPLE IRAs. The changes would apply to distributions in tax years beginning after the bill becomes law.

Full text and official record on Congress.gov

Sponsors

• Donald S. Beyer, Jr. Democrat sponsor
• 2 cosponsors