WASHINGTON, March 4 -- Sen. Catherine Cortez Masto issued the following press release:
U.S. Senators Catherine Cortez Masto (D-Nev.), Todd Young (R-Ind.), Michael Bennet (D-Colo.), James Lankford (R-Okla.), and Maria Cantwell (D-Wash.) introduced bipartisan legislation that would amend the tax code to support more charitable giving options for older Americans.
Currently, seniors are allowed to make Qualified Charitable Distributions (QCDs) from an individual retirement account (IRA) to a charity without counting the distribution as taxable income. The law, however, does not allow these older Americans to make QCDs to a donor-advised fund (DAF). The IRA Charitable Rollover Facilitation and Enhancement Act would amend the tax code to allow ...