U.S. Senate Finance introduce charitable giving bill | KPMG | US

Legislative update: Senate Finance members introduce charitable giving bill

U.S. Senate Finance introduce charitable giving bill

Members of the U.S. Senate Finance Committee, senators John Thune (R-SD) and Bob Casey (D-PA), have introduced a bill to encourage charitable giving and make it easier for foundations and other tax-exempt organizations to conduct their charitable mission. The bill is co-sponsored by two other Finance Committee members, senators Pat Roberts (R-KS) and Ron Wyden (D-OR).

1000

Related content

According to a press release, the bill—the Charities Helping Americans Regularly Throughout the Year (CHARITY) Act of 2017 (S. 1343)—would:

  • Express the sense of the Senate that the promotion of charitable giving should be one of the goals of comprehensive tax reform
  • Make donor-advised funds an eligible charity for purposes of the IRA rollover law that permits IRA owners ages 70½ years and older to exclude from their gross income up to $100,000 per year in distributions made directly from the IRA to certain public charities
  • Simplify the federal excise tax imposed on private foundation investment income by setting the rate at 1% for nearly all private foundations
  • Authorize the Treasury Department to adopt regulations that align the simplified standard mileage tax deduction rate (for the use of personal vehicles for volunteer charitable services) with the mileage rate that applies for medical and moving purposes
  • Require all tax-exempt organizations to file their annual returns electronically
  • Eliminate alternative rules for substantiating charitable contributions
  • Create a limited exception to the excess business holding excise tax rules

Documents

  • Read text of S. 1343 [PDF 38 KB].

  • Read a summary [PDF 138 KB] of the bill.

KPMG observation

S. 1343 is similar to a bill introduced in the previous Congress. 

 

For more information, contact a tax professional with the exempt organization group in KPMG’s Washington National Tax practice:

Greg Goller | +1 703 286 8391 | greggoller@kpmg.com

Alexandra Mitchell | +1 202 533 6078 | aomitchell@kpmg.com

Randall Thomas | +1 202 533 3786 | randallthomas@kpmg.com

© 2017 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Request for proposal

 

Submit