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April 26, 2016

H.R.4907 – Grow Philanthropy Act of 2016 – to allow QCDs to Donor Advised Fund

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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.

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.

Written By

Denise Appleby

Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA resources for financial/ tax/legal professionals. She has over 20 years of experience in the retirement plans field, which includes training and technical consultation.

Denise writes and publishes educational /marketing tools for advisors; available at http://irapublications.com. Denise co-authored several books on IRAs

Denise is a graduate of The John Marshall Law School, where she obtained a Masters of Jurisprudence in Employee Benefits, and has earned 5 professional retirement designations.
She has appeared on numerous media programs, sharing her insights on retirement tax laws.

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