SC Nebraska News

Representatives Adrian Smith and Jimmy Panetta have introduced the IRA Charitable Rollover Facilitation and Enhancement Act. This proposed legislation aims to amend a restriction in the tax code that prevents donors from making Qualified Charitable Distributions to donor-advised funds (DAFs). Under current law, individuals are unable to use an IRA Charitable Rollover for contributions to a DAF, which allows for the upfront designation of funds for charitable purposes and allocation over time.

Rep. Smith stated, "This bill provides seniors with greater flexibility to direct their charitable giving to support the causes they believe in. This in turn opens the door to empower more American charities to do more good for our communities. I thank Rep. Panetta for joining me to introduce this bipartisan legislation."

Echoing the sentiment, Rep. Panetta noted, "Older Americans can’t use their IRA Charitable Rollovers to give through donor-advised funds. Our bipartisan bill would fix that by allowing these rollovers to go into DAFs, giving donors the flexibility to give smarter and support a broader range of causes. This commonsense change empowers generosity, strengthens local communities, and reflects how people actually want to give."

The bill also has additional cosponsors, including Representatives Vern Buchanan, Mike Kelly, Terri Sewell, Tom Suozzi, Don Beyer, Mike Thompson, Nathaniel Moran, and Kevin Hern.