Senators Offer Bill to Help Charities Seek IRA Gifts

Ten senators have introduced a new bill to permanently extend a provision that allows people ages 70 1/2 or older to transfer up to $100,000 tax-free from their individual retirement accounts to charity.

The measure now expires at year’s end, but S557 would make it permanent. It also includes other measures charity leaders have long advocated: It lowers the minimum age of such donors to 59 1/2, removes the $100,000 cap on annual donations, and allows IRA gifts to be made to donor-advised funds and supporting organizations, which is currently not allowed.