On May 16th, Senators John Thune (R-SD) and Bob Casey (D-PA), both members of the Senate Finance Committee, reintroduced an updated version of the Charities Helping Americans Regularly Throughout the Year (CHARITY) Act, S. 1475. This is the third iteration of the legislation that addresses several charitable priorities, including two of ACR’s top issues: simplifying the private foundation excise tax to a flat 1 percent and expanding the IRA charitable rollover to include distributions to donor-advised funds (DAFs). Senators Pat Roberts (R-KS) and Ron Wyden (D-OR) are original cosponsors. You can find a summary of the bill here.
Now that the legislation has been introduced in the Senate, ACR plans to coordinate with the bill sponsors to secure additional support in the upper chamber.
As for similar legislation in the House, we understand there may be interest in introducing a broader CHARITY Act. Stay tuned for updates on that in the coming weeks.