,,ii #aaf? ,,congress #a/ ,session ,s4 #abeg ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,april #cj1 #bjai,mr4 ,cram] 7= himself & ,ms4 ,/ab5[7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to exp& tax-free di/ributions f individual retirem5t acc\nts to include rollov]s = *>itable life-income plans = *>itable purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,legacy ,,ira ,act4 #b4 ,tax-free di/ributions f individual retirem5t acc\nts = *>itable purposes 7a7 ,9 g5]al ,p>agraph 7#h7 ( section #djh7;d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7#h7 ,di/ributions = *>itable purposes 7,a7 ,9 g5]al ,no am\nt %all be includible 9 gross income by reason ( a qualifi$ *>itable di/ribution4 7,b7 ,limitations 7i7 ,9 g5]al ,! aggregate am\nt exclud$ f gross income "u subp>agraph 7,a7 ) respect to all qualifi$ *>itable di/ributions = a taxable ye> %all n exce$ #djj1jjj4 7ii7 ,split-int]e/ entities ,! aggregate am\nt exclud$ f gross income "u subp>agraph 7,a7 = a taxable ye> ) respect to di/ributions describ$ 9 subp>agraph 7,c77i77,i7 %all n exce$ #ajj1jjj4 7,c7 ,qualifi$ *>itable di/ribution ,= purposes ( ?is p>agraph1 ! t]m qualifi$ *>itable di/ribution means any di/ribution f an individual retirem5t acc\nt-- 7i7 :i* is made directly by ! tru/ee-- 7,i7 to a specifi$ *>itable organization1 or 7,,ii7 to a split-int]e/ entity1 & 7ii7 :i* is made on or aft] ! date on :i* ! individual = ^: b5efit ! acc\nt is ma9ta9$ has atta9$-- 7,i7 9 ! case ( any di/ribution describ$ 9 clause 7i77,i71 age #gj1 & 7,,ii7 9 ! case ( any di/ribution describ$ 9 clause 7i77,,ii71 age #fe4 7,d7 ,special rules relat+ to di/ributions ,= purposes ( ?is p>agraph-- 7i7 ,di/ribution mu/ be o!rwise includible ,a di/ribution f an individual retirem5t acc\nt %all be treat$ z a qualifi$ *>itable di/ribution only to ! ext5t t ! di/ribution w\ld be includible 9 gross income )\t reg>d to subp>agraph 7,a74 7ii7 ,limitation on income int]e/s ,a di/ribution f an individual retirem5t acc\nt to a split-int]e/ entity %all be treat$ z a qualifi$ *>itable di/ribution only if-- 7,i7 no p]son holds an income int]e/ 9 ! split-int]e/ entity o!r ?an ! individual = ^: b5efit su* acc\nt is ma9ta9$1 ! sp\se ( su* individual1 or bo?1 & 7,,ii7 ! income int]e/ 9 ! split-int]e/ entity is nonassignable4 7iii7 ,contributions mu/ be o!rwise d$uctible ,a di/ribution f an individual retirem5t acc\nt to a specifi$ *>itable organization %all be treat$ z a qualifi$ *>itable di/ribution only if-- 7,i7 9 ! case ( a di/ribution to a *>itable rema9d] annuity tru/ or a *>itable rema9d] unitru/1 a d$uction = ! entire value ( ! rema9d] int]e/ 9 ! di/ribution = ! b5efit ( a specifi$ *>itable organization w\ld be all[able "u section #agj 7det]m9$ )\t reg>d to subsection 7b7 !re( & ?is p>agraph71 & 7,,ii7 9 ! case ( a *>itable gift annuity1 a d$uction 9 an am\nt equal to ! am\nt ( ! di/ribution r$uc$ by ! value ( ! annuity describ$ 9 section #eja7m77#e77;,b7 w\ld be all[able "u section #agj 7det]m9$ )\t reg>d to subsection 7b7 !re( & ?is p>agraph74 7,e7 ,specifi$ *>itable organization ,= purposes ( ?is p>agraph1 ! t]m specifi$ *>itable organization means an organization describ$ 9 section #agj7;b77#a77;,a7 7o!r ?an any organization describ$ 9 section #eji7;a77#c7 or any fund or acc\nt describ$ 9 section #diff7;d77#b774 7,f7 ,split-int]e/ entity ,= purposes ( ?is p>agraph1 ! t]m split-int]e/ entity means-- 7i7 a *>itable rema9d] annuity tru/ 7z def9$ 9 section #ffd7;d77#a771 b only if su* tru/ is fund$ exclusively by qualifi$ *>itable di/ributions1 7ii7 a *>itable rema9d] unitru/ 7z def9$ 9 section #ffd7;d77#b771 b only if su* unitru/ is fund$ exclusively by qualifi$ *>itable di/ributions1 or 7iii7 a *>itable gift annuity 7z def9$ 9 section #eja7m77#e771 b only if su* annuity is fund$ exclusively by qualifi$ *>itable di/ributions & comm5ces fix$ paym5ts ( #e p]c5t or great] n lat] ?an #a ye> f ! date ( fund+4 7,g7 ,special rules 7i7 ,*>itable rema9d] tru/s ,not)/&+ section #ffd7;b71 di/ributions made f a tru/ describ$ 9 clause 7i7 or 7ii7 ( subp>agraph 7,f7 %all be treat$ z ord9>y income 9 ! h&s ( ! b5efici>y to :om ! annuity describ$ 9 section #ffd7;d77#a77;,a7 or ! paym5t describ$ 9 section #ffd7;d77#b77;,a7 is paid4 7ii7 ,*>itable gift annuities ,qualifi$ *>itable di/ributions made to fund a *>itable gift annuity %all n be treat$ z an inve/m5t 9 ! contract = purposes ( section #gb7;c74 7iii7 ,application ( section #gb ,not)/&+ section #gb1 9 det]m9+ ! ext5t to :i* a di/ribution is a qualifi$ *>itable di/ribution1 ! entire am\nt ( ! di/ribution %all be treat$ z includible 9 gross income to ! ext5t t su* am\nt does n exce$ ! aggregate am\nt :i* w\ld h be5 s includible if all am\nts 9 all individual retirem5t plans ( ! individual 7 di/ribut$ dur+ ! taxable ye> & all su* plans 7 treat$ z #a contract = purposes ( det]m9+ "u section #gb ! aggregate am\nt :i* w\ld h be5 s includible4 ,prop] adju/m5ts %all be made 9 apply+ section #gb to o!r di/ributions 9 su* taxable ye> & subsequ5t taxable ye>s4 7iv7 ,det]m9+ d$uction "u section #agj ,qualifi$ *>itable di/ributions %all n be tak5 into acc\nt 9 det]m9+ ! d$uction "u section #agj4 7v7 ,requir$ m9imum di/ributions ,! entire am\nt ( a qualifi$ *>itable di/ribution %all be tak5 into acc\nt = purposes ( section #dja7;a77#i74 7,h7 ,t]m9ation ) respect to split-int]e/ entities ,subp>agraph 7,a7 %all n apply to a di/ribution to a split-int]e/ entity 9 taxable ye>s beg9n+ aft] ! date :i* is #d ye>s aft] ! date ( ! enactm5t ( ! ,legacy ,,ira ,act4 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to di/ributions made 9 taxable ye>s end+ aft] ! date ( ! enactm5t ( ?is ,act4