Cortez Masto, Young Introduce Bipartisan Legislation to support More Charitable Giving Opportunities

Washington, D.C. - U.S. Senators Catherine Cortez Masto (D-Nev.), Todd Young (R-Ind.), Michael Bennet (D-Colo.), James Lankford (R-Okla.), and Maria Cantwell (D-Wash.) introduced bipartisan legislation that would amend the tax code to support more charitable giving options for older Americans.

Currently, seniors are allowed to make Qualified Charitable Distributions (QCDs) from an individual retirement account (IRA) to a charity without counting the distribution as taxable income. The law, however, does not allow these older Americans to make QCDs to a donor-advised fund (DAF). The IRA Charitable Rollover Facilitation and Enhancement Act would amend the tax code to allow charitable rollovers from IRAs to DAFs, allowing donors to support multiple charities with one gift.

"The current tax code makes it harder for generous Nevadans to give to charitable organizations," said Senator Cortez Masto. "This simple, commonsense fix will make it easier for Americans to give donations to the causes that they value and will spur more people to invest in their communities."

"Charitable giving has long been a way for Americans to support their local communities and causes they believe in. Our bill will make a small fix to the tax code to enable more flexibility for older Americans to generously give to the people, places, and organizations they care about," said Senator Young.

The IRA Charitable Rollover Facilitation and Enhancement Act is supported by American Endowment Foundation, Community Foundation Awareness Initiative, Council on Foundations, National Association of Charitable Gift Planners, National Christian Foundation, National Philanthropic Trust, and Philanthropy Roundtable. Representatives Adrian Smith (R-Neb.-03) and Jimmy Panetta (D-Calif.-19) have introduced companion legislation in the House of Representatives.

Full text of the legislation can be found here.