,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #hid  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,febru>y #f1 #bjag,mr4
 ,pauls5 introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,ways & ,means
  ,a ,,bill  ,to am5d ! ,int]nal ,rev5ue
 ,code ( #aihf to exclude f gross income
 c]ta9 int]e/ & money m>ket fund divid5d
 income paym5ts to *>ity & to modify !  
requirem5ts relat+ to ! report+ ( su*   
paym5ts4  #a4 ,%ort title ,?is ,act may 
be cit$ z ! ,int]e/ = ,o!rs ,act (      
#bjag4  #b4 ,exclusion f gross income ( 
c]ta9 int]e/ & money m>ket fund divid5ds
 paid to *>ity  7a7 ,9 g5]al ,"p ,,iii (
 sub*apt] ,b ( *apt] #a ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 aft] section #aci;,e ! foll[+3         
#aci;,f4 ,int]e/ & money m>ket fund     
divid5ds donat$ to *>ity  7a7 ,g5]al    
rule ,9 ! case ( a taxpay] :o is an     
individual1 tru/1 or e/ate1 gross income
 = a taxable ye> %all n include ! am\nt 
( a *>itable contribution pursuant to a 
qualifi$ program made dur+ ! taxable ye>

 9 :i* a cal5d> ye> ends4  7b7          
,limitations  7#a7 ,exclusion limit$ to 
int]e/ & divid5d income ,! am\nt exclud$
 f gross income by subsection 7a7 = a   
cal5d> ye> %all n exce$ ! sum (--  7,a7 
9 ! case ( a deposit 9 a f9ancial       
in/itution1 ! less] (-- 7i7 ! am\nt (   
int]e/ paid to ! taxpay] on su* deposit 
= ! cal5d> ye>1 &  7ii7 ! aggregate     
*>itable contribution f su* deposit dur+
 ! cal5d> ye>1 &  7,b7 9 ! case ( %>es 9
 a money m>ket fund1 ! less] (--  7i7 ! 
am\nt ( divid5ds paid ) respect to su*  
%>es = ! cal5d> ye>1 &  7ii7 ! aggregate
 *>itable contribution f su* %>es dur+ !
 cal5d> ye>4  7#b7 ,acc\nt limitation ,!
 am\nt exclud$ f gross income by        
subsection 7a7 f an acc\nt = a cal5d>   
ye> %all n exce$ #ej4  7c7 ,qualifi$    
program ,= purposes ( ?is section-- 7#a7
 ,9 g5]al ,! t]m qualifi$ program means 
a program adopt$ by a f9ancial          
in/itution or a money m>ket fund 7z !   
case may be7 "u :i*--  7,a7 ! own] ( a  
deposit 9 ! f9ancial in/itution or (    

%>es 9 ! money m>ket fund-- 7i7 elects  
to p>ticipate 9 ! program1  7ii7 elects 
! am\nt ( donation f ! own]'s deposit or
 %>es1 &  7iii7 designates an entity    
describ$ 9 section #agj7;c7 to receive !
 donation1 &  7,b7 ! f9ancial in/itution
 or money m>ket fund makes1 directly or 
?r\gh a qualifi$ aggregator1 a          
contribution ( ! am\nt elect$ "u        
subp>agraph 7,a77ii7 to ! entity        
designat$ "u subp>agraph 7,a77iii74     
7#b7 ,qualifi$ aggregator  7,a7 ,9 g5]al
 ,! t]m qualifi$ aggregator means an    
organization-- 7i7 :i* is describ$ 9    
section #eja7;c77#c7 & exempt f tax "u  
section #eja7;a71 &  7ii7 ! purpose (   
:i* is to facilitate *>itable           
contributions "u a qualifi$ program by  
aggregat+ contributions f deposits &    
funds & paym5ts to entities designat$ to
 receive su* paym5ts4  7,b7             
,adm9i/rative co/s ,an entity %all n    
fail to be treat$ z a qualifi$          
aggregator solely because ! entity      
reta9s a portion ( contributions f      

deposits & funds to cov] its            
adm9i/rative co/s if ! qualifi$         
aggregator provides 9 advance a notice  
(--  7i7 its int5t to reta9 a portion1 &
  7ii7 ! me?od to be us$ to calculate ! 
am\nt to be s reta9$4  7,c7 ,special    
rule reg>d+ /atus to receive *>itable   
contributions ,a program %all n fail to 
be describ$ 9 p>agraph 7#a7 m]ely       
because ! ultimate recipi5t ( a         
contribution is ineligible to receive   
*>itable contributions s long z !       
qualifi$ aggregator & ! f9ancial        
in/itution or money m>ket fund 7z ! case
 may be7 made an initial good fai?      
det]m9ation t contributions to recipi5ts
 "u ! program w\ld be qualifi$ "u       
section #agj7;c7 to receive *>itable    
contributions4 ,= purposes ( ! prec$+   
s5t5ce1 a f9ancial in/itution or money  
m>ket fund may rely ^u ! repres5tation (
 ! qualifi$ aggregator t ! organizations
 to :i* di/ributions w be made qualify  
"u section #agj7;c7 to receive *>itable 
contributions4  7d7 ,o!r def9itions ,=  

purposes ( ?is section-- 7#a7 ,deposit  
,! t]m deposit means any deposit1       
)drawable acc\nt1 or )drawable or       
repur*asable %>e4  7#b7 ,f9ancial       
in/itution ,! t]m f9ancial in/itution   
means-- 7,a7 any bank 7z def9$ 9 section
 #eha71  7,b7 any in/itution describ$ 9 
section #eia1  7,c7 any cr$it union !   
deposits or acc\nts 9 :i* are insur$ "u 
,f$]al or ,/ate law or are protect$ or  
gu>ante$ "u ,/ate law1 &  7,d7 any      
simil> in/itution *>t]$ & sup]vis$ "u   
,f$]al or ,/ate law4  7#c7 ,money m>ket 
fund ,! t]m money m>ket fund means an   
op5-end inve/m5t managem5t company      
regi/]$ "u ! ,inve/m5t ,company ,act (  
#aidj & subject to ,rule #b;a-#g !re(4  
7#d7 ,*>itable contribution ,! t]m      
*>itable contribution means a *>itable  
contribution z def9$ 9 section #agj7;c74
  4  7b7 ,cl]ical am5dm5t ,! table (    
sections = "p ,,iii ( sub*apt] ,b (     
*apt] #a ( su* ,code is am5d$ by ins]t+ 
aft] ! item relat+ to section #aci;,e ! 
foll[+3  ,sec4 #aci;,f4 ,int]e/ & money 

m>ket fund divid5ds donat$ to *>ity4  4 
7c7 ,effective date ,! am5dm5ts made by 
?is section %all apply to all int]e/ &  
money m>ket fund divid5ds paid aft]     
,decemb] #ca1 #bjaf4  #c4 ,d5ial (      
d$uction ( am\nts exclud$ f income "u   
section #aci;,f  7a7 ,9 g5]al ,section  
#agj7;f7 ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by add+ at ! end !       
foll[+3  7#ai7 ,c]ta9 donat$ int]e/ &   
money m>ket fund divid5ds ,am\nts       
exclud$ f gross income "u section       
#aci;,f %all n be tak5 into acc\nt z a  
*>itable contribution = purposes ( ?is  
section4  4  7b7 ,effective date ,!     
am5dm5t made by ?is section %all apply  
to all *>itable contributions made aft] 
,decemb] #ca1 #bjaf4  #d4 ,in=mation    
returns  7a7 ,money m>ket funds ,section
 #fjdb7;b77#b7 ( ! ,int]nal ,rev5ue     
,code ( #aihf is am5d$ by /rik+ or at ! 
end ( subp>agraph 7,a71 by /rik+ ! p]iod
 at ! end ( subp>agraph 7,b7 & ins]t+ 1 
or & by add+ at ! end ! foll[+3  7,c7   
:i* is specifically exclud$ f gross     

income ( ! payee by section #aci;,f7a74 
4  7b7 ,paym5ts ( int]e/ ,section       
#fjdi7;b77#b7 ( su* ,code is am5d$ by   
/rik+ & at ! end ( subp>agraph 7,b71 by 
/rik+ ! p]iod at ! end ( subp>agraph    
7,c7 & ins]t+ 1 &1 & by add+ at ! end ! 
foll[+3  7,d7 int]e/ :i* is specifically
 exclud$ f gross income ( ! payee by    
section #aci;,f7a74  4  7c7 ,returns    
reg>d+ paym5ts exclud$ f gross income "u
 section #aci;,f ,subp>t ,b ( "p ,,iii (
 sub*apt] ,a ( *apt] #fa ( su* ,code is 
am5d$ by ins]t+ aft] section #fjdi !    
foll[+3  #fjdi;,a4 ,returns reg>d+      
int]e/ & money m>ket fund divid5ds      
contribut$ to *>ity ,e p]son :o1 dur+   
any cal5d> ye>-- 7#a7 makes paym5ts (   
int]e/ or divid5ds aggregat+ #aj or m & 
:o has 9 effect a qualifi$ program 7z   
def9$ 9 section #aci;,f7c77#a771 or     
7#b7 is a qualifi$ aggregator 7z def9$ 9
 section #aci;,f7c77#b77 & :o1 "u su* a 
qualifi$ program1 receives contributions
 & makes paym5ts aggregat+ #aj or m to  
any entity describ$ 9 section #agj7;c71 

%all make a return accord+ to ! =ms or  
regulations prescrib$ by ! ,secret>y    
sett+ =? ! aggregate am\nt ( su*        
paym5ts1 & ! "n & address ( ! p]son to  
:om paid4 4  7d7 ,con=m+ am5dm5t ,!     
table ( sections = subp>t ,b ( "p ,,iii 
( sub*apt] ,a ( *apt] #fa ( su* ,code is
 am5d$ by ins]t+ aft] ! item relat+ to  
section #fjdi ! foll[+ new item3  ,sec4 
#fjdi;,a4 ,returns reg>d+ int]e/ & money
 m>ket fund divid5ds contribut$ to      
*>ity4  4  7e7 ,effective date ,!       
am5dm5ts made by ?is section %all apply 
to all paym5ts made aft] ,decemb] #ca1  
#bjaf4