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.