S. 864Senate111th Congress (2009-2011)In Committee

Public Good IRA Rollover Act of 2009

Introduced April 22, 2009

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

April 22, 2009

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SenateIntro Referral

Introduced in Senate

April 22, 2009

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S4579-4581)

April 22, 2009

SenateIntro Referral

Read twice and referred to the Committee on Finance.

April 22, 2009

Floor Debate

8 members

What members said about S. 864 on the floor

2 Republicans6 Democrats
Susan M. Collins
Sen. Susan M. CollinsR-ME · Apr 22, 2009

Mr. President, today I introduce the Energy Assistance Fund Act of 2009, legislation which will assist people who want to invest in energy conservation and alternative energy technologies and help…

Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Apr 22, 2009

Mr. President, today I am introducing a private relief bill on behalf of Shirley Constantino Tan. Ms. Tan is a Filipina national living in Pacifica, California. She is the loving mother of 12 year…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Jul 13, 2009

Mr. President, today I come to the floor to urge my colleagues to join me in addressing challenges facing women in the developing world. Senator Hutchison and I introduced the GROWTH Act to focus…

Jack Reed
Sen. Jack ReedD-RI · Apr 22, 2009

Mr. President, today I am introducing the No Child Left Inside Act of 2009, which will provide new support for environmental education in our Nation's classrooms. I thank Senators Collins, Cardin,…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Apr 22, 2009

Mr. President, I rise today to join my colleague from Maine, Senator Collins, to once again introduce legislation that seeks not only to rectify an impediment to international commerce flowing…

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Byron L. Dorgan
Sen. Byron L. DorganD-ND · Apr 22, 2009

Mr. President, the Nation's charitable community has been damaged from the harsh realties of the economic downturn. Dwindling contributions and devastating market losses have hit many charities and…

Byron L. Dorgan
Sen. Byron L. DorganD-ND · Apr 22, 2009

Mr. President, the Nation's charitable community has been damaged from the harsh realties of the economic downturn. Dwindling contributions and devastating market losses have hit many charities and…

Maria Cantwell
Sen. Maria CantwellD-WA · Apr 22, 2009

Mr. President, I rise today to introduce the Marine Mammals Rescue Assistance Amendments Act. In my home State of Washington, our history and economy is based on a rich maritime tradition that…

Edward E. Kaufman
Sen. Edward E. Kaufman D-DE · Apr 22, 2009

Mr. President, I am joined by Senator Carper and Senator Casey in introducing a bill that would expand the designation of the White Clay Creek National Wild and Scenic River in Delaware and…

Bill Text

Latest available legislative text

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Introduced in SenateIssued April 22, 2009

II

111th CONGRESS

1st Session

S. 864

IN THE SENATE OF THE UNITED STATES

April 22, 2009

Mr. Dorgan (for himself, Ms. Snowe, Mr. Kerry, Mr. Schumer, Mrs. Lincoln, Ms. Stabenow, Mr. Voinovich, Mr. Burr, Mr. Pryor, Mr. Leahy, and Mr. Levin) 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 expand tax-free distributions from individual retirement accounts for charitable purposes.

1.

Short title

This Act may be cited as the Public Good IRA Rollover Act of 2009.

2.

Tax-free distributions from individual retirement accounts for charitable purposes

(a)

In general

Paragraph (8) of section 408(d) of the Internal Revenue Code of 1986 (relating to tax treatment of distributions) is amended to read as follows:

(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 701/2, and

(II)

in the case of any distribution described in clause (i)(II), age 591/2.

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 have been so includible if all amounts in all individual retirement plans of the individual were distributed during the taxable year and all such plans were treated as 1 contract for purposes of determining under section 72 the aggregate amount which would have been so includible. 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 distributions made in taxable years beginning after December 31, 2008.