A bill to amend the Internal Revenue Code of 1986 to exclude from gross income charitable distributions from certain employer-sponsored retirement plans, and for other purposes.

Summary

The proposal adds a new rule to the tax code so that distributions from qualifying employer‑sponsored retirement plans that go straight to a qualified charity are not counted as taxable income, provided the donor is at least 70½ years old. It applies to a range of plans, including 401(k)s, 403(b)s, 457(b)s, SEPs and SIMPLE IRAs. The change could encourage older workers to give to charity without a tax penalty.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share