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H.R. 4907 (114th): Grow Philanthropy Act of 2016

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The text of the bill below is as of Apr 12, 2016 (Introduced). The bill was not enacted into law.

I

114th CONGRESS

2d Session

H. R. 4907

IN THE HOUSE OF REPRESENTATIVES

April 12, 2016

(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.

1.

Short title

This Act may be cited as the Grow Philanthropy Act of 2016.

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.