Grow Philanthropy Act of 2016

Grow Philanthropy Act of 2016

This bill amends the Internal Revenue Code to exclude 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.

(A donor-advised fund 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.)

[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4907 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 4907

     To amend the Internal Revenue Code of 1986 to allow tax-free 
 distributions from individual retirement plans to donor-advised funds.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 12, 2016

Mr. Holding (for himself, Mr. Tiberi, Mr. Nunes, Mr. Paulsen, Mr. Kelly 
of Pennsylvania, and Mr. Gene Green of Texas) introduced the following 
      bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
     To amend the Internal Revenue Code of 1986 to allow tax-free 
 distributions from individual retirement plans to donor-advised funds.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Grow Philanthropy Act of 2016''.

SEC. 2. TAX-FREE DISTRIBUTIONS FROM INDIVIDUAL RETIREMENT PLANS TO 
              DONOR-ADVISED FUNDS.

    (a) In General.--Section 408(d)(8)(B)(i) of the Internal Revenue 
Code of 1986 is amended by striking ``or any fund or account described 
in section 4966(d)(2)''.
    (b) Effective Date.--The amendment made by this section shall apply 
to distributions made in taxable years beginning after December 31, 
2016.
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