S. 209Senate108th Congress (2003-2005)In Committee

Charitable IRA Rollover Act of 2003

Introduced January 23, 2003

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1484)

January 23, 2003

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SenateIntro Referral

Introduced in Senate

January 23, 2003

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S1484)

January 23, 2003

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1484)

January 23, 2003

Floor Debate

9 members

What members said about S. 209 on the floor

3 Republicans6 Democrats
Jeff Bingaman
Sen. Jeff BingamanD-NM · Jan 23, 2003

Mr. President, I am pleased today to again introduce legislation to protect several important archaeological sites in the Galisteo Basin in New Mexico. This bill identifies approximately two dozen…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Jan 23, 2003

Mr. President, I rise today to introduce legislation aimed at closing the dangerous cargo security loophole in our Nation's aviation security network. In the wake of September 11 terrorist attacks,…

Joseph R. Biden Jr.
Sen. Joseph R. Biden Jr.D-DE · Jan 23, 2003

Mr. President, on October 7, 2002, the President of the United States said something very important about United Nations inspections in Iraq. He said: ``Clearly, to actually work, any new inspections…

Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Jan 23, 2003

Mr. President, I rise to introduce legislation to give the National Guard an enhanced role in homeland security. I am pleased that Senators Bond, Leahy, Lieberman, Gregg, Murray, Johnson, Clinton,…

John Edwards
Sen. John EdwardsD-NC · Jan 23, 2003

Mr. President, as we all know, when terrorists struck America on September 11, 2001, the greatest loss of life occurred when the World Trade Center's two towers fell. These two towers were symbols of…

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Kay Bailey Hutchison
Sen. Kay Bailey HutchisonR-TX · Jan 23, 2003

Mr. President, I am pleased to introduce legislation today that will enhance and encourage charitable giving in the United States. The Charitable IRA Rollover Act will allow individuals to rollover…

Kay Bailey Hutchison
Sen. Kay Bailey HutchisonR-TX · Jan 23, 2003

Mr. President, I am pleased to introduce legislation today that will enhance and encourage charitable giving in the United States. The Charitable IRA Rollover Act will allow individuals to rollover…

Barbara Boxer
Sen. Barbara BoxerD-CA · Jan 23, 2003

Mr. President, today I am introducing a bill that could have a large impact on reducing gun violence in this country. Last fall, two snipers terrorized the Washington, D.C. metropolitan area, killing…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Jan 23, 2003

Mr. President, I am pleased to introduce, along with Senator Kay Bailey Hutchison, the charitable IRA Rollover Act of 2003. We have introduced this legislation in the last two Congresses. Senator…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Jan 23, 2003

Mr. President, I am pleased to introduce, along with Senator Kay Bailey Hutchison, the charitable IRA Rollover Act of 2003. We have introduced this legislation in the last two Congresses. Senator…

Gordon H. Smith
Sen. Gordon H. SmithR-OR · Jan 23, 2003

Mr. President, today I am introducing legislation to encourage a more environmentally friendly electricity future for the United States. The bill I am introducing would provide for a ten-year…

Bill Text

Latest available legislative text

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Latest
Introduced in SenateIssued January 23, 2003
        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 209 Introduced in Senate (IS)]

108th CONGRESS
1st Session
S. 209

To amend the Internal Revenue Code of 1986 to waive the income
inclusion on a distribution from an individual retirement account to
the extent that the distribution is contributed for charitable
purposes.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

January 23, 2003

Mrs. Hutchison (for herself, Mr. Durbin, Mr. Cornyn, Mr. Levin, Mr.
DeWine, Mr. Cochran, Mr. Fitzgerald, and Mr. Allen) introduced the
following bill; which was read twice and referred to the Committee on
Finance

_______________________________________________________________________

A BILL

To amend the Internal Revenue Code of 1986 to waive the income
inclusion on a distribution from an individual retirement account to
the extent that the distribution is contributed for charitable
purposes.

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 ``Charitable IRA Rollover Act of
2003''.

SEC. 2. TAX-FREE DISTRIBUTIONS FROM INDIVIDUAL RETIREMENT ACCOUNTS FOR
CHARITABLE PURPOSES.

(a) In General.--Subsection (d) of section 408 of the Internal
Revenue Code of 1986 (relating to individual retirement accounts) is
amended by adding at the end the following new paragraph:
``(8) Distributions for charitable purposes.--
``(A) In general.--No amount shall be includible in
gross income by reason of a qualified charitable
distribution from an individual retirement account to
an organization described in section 170(c).
``(B) Special rules relating to charitable
remainder trusts, pooled income funds, and charitable
gift annuities.--
``(i) In general.--No amount shall be
includible in gross income by reason of a
qualified charitable distribution from an
individual retirement account--
``(I) to a charitable remainder
annuity trust or a charitable remainder
unitrust (as such terms are defined in
section 664(d)),
``(II) to a pooled income fund (as
defined in section 642(c)(5)), or
``(III) for the issuance of a
charitable gift annuity (as defined in
section 501(m)(5)).
The preceding sentence shall apply only if no
person holds an income interest in the amounts
in the trust, fund, or annuity attributable to
such distribution other than one or more of the
following: the individual for whose benefit
such account is maintained, the spouse of such
individual, or any organization described in
section 170(c).
``(ii) Determination of inclusion of
amounts distributed.--In determining the amount
includible in the gross income of any person by
reason of a payment or distribution from a
trust referred to in clause (i)(I) or a
charitable gift annuity (as so defined), the
portion of any qualified charitable
distribution to such trust or for such annuity
which would (but for this subparagraph) have
been includible in gross income--
``(I) shall be treated as income
described in section 664(b)(1), and
``(II) shall not be treated as an
investment in the contract.
``(iii) No inclusion for distribution to
pooled income fund.--No amount shall be
includible in the gross income of a pooled
income fund (as so defined) by reason of a
qualified charitable distribution to such fund.
``(C) Qualified charitable distribution.--For
purposes of this paragraph, the term `qualified
charitable distribution' means any distribution from an
individual retirement account--
``(i) which is made on or after the date
that the individual for whose benefit the
account is maintained has attained age 59\1/2\,
and
``(ii) which is made directly from the
account to--
``(I) an organization described in
section 170(c), or
``(II) a trust, fund, or annuity
referred to in subparagraph (B).
``(D) Denial of deduction.--The amount allowable as
a deduction under section 170 to the taxpayer for the
taxable year shall be reduced (but not below zero) by
the sum of the amounts of the qualified charitable
distributions during such year which would be
includible in the gross income of the taxpayer for such
year but for this paragraph.''.
(b) Effective Date.--The amendment made by subsection (a) shall
apply to taxable years beginning after the date of the enactment of
this Act.
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