S. 283Senate108th Congress (2003-2005)In Committee

Public Good IRA Rollover Act

Introduced February 4, 2003

Legislative Activity

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3 earlier actions
SenateIntro Referral Latest Action

Sponsor introductory remarks on measure. (CR S4945-4946)

April 8, 2003

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SenateIntro Referral

Introduced in Senate

February 4, 2003

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S1885)

February 4, 2003

SenateIntro Referral

Read twice and referred to the Committee on Finance.

February 4, 2003

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S4945-4946)

April 8, 2003

Floor Debate

22 members

What members said about S. 283 on the floor

11 Republicans11 Democrats
Richard J. Durbin
Sen. Richard J. DurbinD-IL · Apr 8, 2003

Mr. President, I rise today to discuss the CARE Act and my concerns regarding the implementation of President Bush's faith- based initiative. Like many of my colleagues, I am a person of faith. I…

Rick Santorum
Sen. Rick SantorumR-PA · Apr 8, 2003

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, I thank the Senator from Iowa, the chairman of the Finance Committee, for his kind words and his…

Ben Nighthorse Campbell
Sen. Ben Nighthorse CampbellR-CO · Feb 4, 2003

Mr. President, today I am pleased to be joined by Senator Inouye in reintroducing the ``Indian Tribal Surface Transportation Improvement Act of 2003'', a bill to reform and improve Indian Reservation…

Jack Reed
Sen. Jack ReedD-RI · Apr 8, 2003

Mr. President, I commend Senators Grassley and Baucus for bringing this important legislation to the floor, but I particularly commend and thank Senators Santorum and Lieberman for their principled…

Chuck Grassley
Sen. Chuck GrassleyR-IA · Apr 8, 2003

Mr. President, I ask unanimous consent that the Senate now return to legislative session and proceed to the consideration of S. 476, the CARE Act, as provided under the previous order. Mr. President,…

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Max Baucus
Sen. Max BaucusD-MT · Apr 8, 2003

Mr. President, I ask unanimous consent the order for the quorum call be rescinded. Mr. President, I thank the chairman of the Finance Committee, Senator Grassley, for the great job he has done in…

Lisa Murkowski
Sen. Lisa MurkowskiR-AK · Feb 4, 2003

Mr. President, during his State of the Union speech this week, President Bush emphasized the importance of local and charitable initiatives that help define the character of the many communities that…

John McCain
Sen. John McCainR-AZ · Feb 4, 2003

Mr. President, today, I am joined by my colleague, Senator Dorgan, in introducing the Professional Boxing Amendments Act of 2003. This legislation is designed to strengthen existing Federal boxing…

Carl Levin
Sen. Carl LevinD-MI · Apr 8, 2003

Madam President, I congratulate Senators Santorum and Lieberman and everybody else who has had a voice and hand in shaping and crafting the CARE legislation before us. It makes a significant…

Evan Bayh
Sen. Evan BayhD-IN · Apr 8, 2003

Mr. President, I thank my colleague from Montana for his leadership, his friendship, and his devotion to this issue. I have listened with interest to his comments about the importance of ensuring…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Feb 4, 2003

Mr. President, I rise today to introduce the ``High School Sports Information Collection Act of 2003''. This legislation directs the Commissioner of the National Center for Education Statistics to…

Bill Nelson
Sen. Bill NelsonD-FL · Apr 8, 2003

President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, I wish to talk about the CARE Act. I rise to speak in favor of the Charity Aid Recovery and…

Jeff Bingaman
Sen. Jeff BingamanD-NM · Feb 4, 2003

Mr. President, I rise today to introduce legislation that will enhance the future economic vitality of communities in Otero, Lincoln, Torrance, Guadalupe, and Quay Counties. The purpose of this…

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Robert F. Bennett
Sen. Robert F. BennettR-UT · Feb 4, 2003

Mr. President, I rise today to introduce the Bear River Migratory Bird Refuge Visitor Center Act. Long a haven for migratory birds, the Bear River marshes provide millions of birds with habitat and…

Byron L. Dorgan
Sen. Byron L. DorganD-ND · Apr 8, 2003

Will the Senator from New Jersey yield for a consent request? I ask unanimous consent that I be recognized for 10 minutes, following the Senator from New Jersey, to speak on the bill. Madam…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Feb 4, 2003

Mr. President, I rise today with Senator Bennett to introduce the ``Artist-Museum Partnership Act of 2003.'' Our bipartisan legislation will enable our country to keep cherished art works in the…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Feb 4, 2003

Mr. President, today I rise to introduce, along with my colleagues Senators Grassley and Kohl, S. 274, the ``Class Action Fairness Act of 2003.'' Over the past decade, it has become clear that abuses…

Chuck Grassley
Sen. Chuck GrassleyR-IA · Feb 4, 2003

Mr. President, I rise today to introduce The Class Action Fairness Act of 2003, a bill that will help curb class action lawsuit abuse. For the last several Congresses, Senators Kohl, Hatch and others…

Frank R. Lautenberg
Sen. Frank R. LautenbergD-NJ · Apr 8, 2003

I thank my colleague from Pennsylvania. Less than 10 minutes. Once again, I thank my colleague from Pennsylvania. And I assure my friend from North Dakota, although it is not my time to give, I am…

Richard G. Lugar
Sen. Richard G. LugarR-IN · Apr 8, 2003

Mr. President, I rise today in support of the Charity, Aid, Recovery, and Empowerment Act. I am proud to be an original cosponsor of this important legislation, which would encourage more citizens to…

Bob Graham
Sen. Bob GrahamD-FL · Apr 8, 2003

Mr. President, I am pleased that the Senate is considering the CARE Act today. By enacting this legislation, Congress acknowledges the inherent good in millions of Americans. The bill includes a…

Max Baucus
Sen. Max BaucusD-MT · Feb 4, 2003

Mr. President, Saturday, February 1 was a sad day for America, and a sad day for the world. In the blink of an eye, we lost the cream of our astronaut corps when the Space Shuttle Columbia…

Craig Thomas
Sen. Craig ThomasR-WY · Feb 4, 2003

Mr. President, I am pleased to introduce a bill today to authorize the exchange of State lands inside Grand Teton National Park. Grand Teton National Park was established by Congress on February 29,…

Christopher S. Bond
Sen. Christopher S. BondR-MO · Feb 4, 2003

Mr. President, I rise today to introduce the Birth Defects and Developmental Disabilities Prevention Act. It is a pleasure to work, once again, on this important issue with Senators Dodd, Frist and…

Bill Text

Latest available legislative text

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Latest
Introduced in SenateIssued February 4, 2003
        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 283 Introduced in Senate (IS)]

108th CONGRESS
1st Session
S. 283

To amend the Internal Revenue Code of 1986 to allow tax-free
distributions from individual retirement accounts for charitable
purposes.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

February 4, 2003

Mr. Dorgan (for himself, Mr. Kerry, and Ms. Snowe) 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 allow tax-free
distributions from individual retirement accounts 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 ``Public Good IRA Rollover Act''.

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.
``(B) 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 directly by the
trustee--
``(I) to an organization described
in section 170(c), or
``(II) to a split-interest entity,
and
``(ii) which is made on or after the date
that the individual for whose benefit the
account is maintained has attained--
``(I) in the case of any
distribution described in clause
(i)(I), age 70\1/2\, and
``(II) in the case of any
distribution described in clause
(i)(II), age 59\1/2\.
A distribution shall be treated as a qualified
charitable distribution only to the extent that the
distribution would be includible in gross income
without regard to subparagraph (A) and, in the case of
a distribution to a split-interest entity, only if no
person holds an income interest in the amounts in the
split-interest entity 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).
``(C) Contributions must be otherwise deductible.--
For purposes of this paragraph--
``(i) Direct contributions.--A distribution
to an organization described in section 170(c)
shall be treated as a qualified charitable
distribution only if a deduction for the entire
distribution would be allowable under section
170 (determined without regard to subsection
(b) thereof and this paragraph).
``(ii) Split-interest gifts.--A
distribution to a split-interest entity shall
be treated as a qualified charitable
distribution only if a deduction for the entire
value of the interest in the distribution for
the use of an organization described in section
170(c) would be allowable under section 170
(determined without regard to subsection (b)
thereof and this paragraph).
``(D) Application of section 72.--Notwithstanding
section 72, in determining the extent to which a
distribution is a qualified charitable distribution,
the entire amount of the distribution shall be treated
as includible in gross income without regard to
subparagraph (A) to the extent that such amount does
not exceed the aggregate amount which would be so
includible if all amounts were distributed from all
individual retirement accounts otherwise taken into
account in determining the inclusion on such
distribution under section 72. Proper adjustments shall
be made in applying section 72 to other distributions
in such taxable year and subsequent taxable years.
``(E) Special rules for split-interest entities.--
``(i) Charitable remainder trusts.--
Notwithstanding section 664(b), distributions
made from a trust described in subparagraph
(G)(i) shall be treated as ordinary income in
the hands of the beneficiary to whom is paid
the annuity described in section 664(d)(1)(A)
or the payment described in section
664(d)(2)(A).
``(ii) Pooled income funds.--No amount
shall be includible in the gross income of a
pooled income fund (as defined in subparagraph
(G)(ii)) by reason of a qualified charitable
distribution to such fund, and all
distributions from the fund which are
attributable to qualified charitable
distributions shall be treated as ordinary
income to the beneficiary.
``(iii) Charitable gift annuities.--
Qualified charitable distributions made for a
charitable gift annuity shall not be treated as
an investment in the contract.
``(F) Denial of deduction.--Qualified charitable
distributions shall not be taken into account in
determining the deduction under section 170.
``(G) Split-interest entity defined.--For purposes
of this paragraph, the term `split-interest entity'
means--
``(i) a charitable remainder annuity trust
or a charitable remainder unitrust (as such
terms are defined in section 664(d)) which must
be funded exclusively by qualified charitable
distributions,
``(ii) a pooled income fund (as defined in
section 642(c)(5)), but only if the fund
accounts separately for amounts attributable to
qualified charitable distributions, and
``(iii) a charitable gift annuity (as
defined in section 501(m)(5)).''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2002.
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