WASHINGTON, March 5 -- Sen. Michael Bennet issued the following press release:
Colorado U.S. Senator Michael Bennet joined U.S. Senators Todd Young (R-Ind.), James Lankford (R-Okla.), Catherine Cortez Masto (D-Nev.), and Maria Cantwell (D-Wash.) to introduce the IRA Charitable Rollover Facilitation and Enhancement Act, legislation that would amend the tax code to support more charitable giving options for older Americans.
Under current law, American taxpayers aged 70 and a half or older are allowed to make Qualified Charitable Distributions (QCDs) from an individual retirement account (IRA) to a qualifying 501(c)(3) charity without counting the distribution as taxable income. The law, however, does not allow these older Americans to make ...