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S. 1159

Public Good IRA Rollover Act of 2015

Public Good IRA Rollover Act of 2015

Amends the Internal Revenue Code to revise the tax exclusion of distributions from individual retirement accounts (IRAs) for charitable purposes to: (1) make such exclusion permanent; (2) eliminate the $100,000 cap on such exclusion; (3) permit tax-free distributions from IRAs to a split-interest entity (i.e., a charitable remainder annuity or unitrust, a pooled income fund, and a charitable gift annuity); and (4) allow distributions to a split-interest entity to be made when the account beneficiary attains age 59-1/2 (otherwise, age 70-1/2 for IRA distributions to a charitable organization).

Read twice and referred to the Committee on Finance.

Sen. Schumer, Charles E. [D-NY](D-NY)Sponsor
4 cosponsors2 D2 R
4cosponsors1committees2actions1related bills4subjects
  1. IntroReferral

    Read twice and referred to the Committee on Finance.

    Finance Committee
  2. IntroReferral10000

    Introduced in Senate

Public Good IRA Rollover Act of 2015 — Informed