Bill Sponsor
Senate Bill 1343
115th Congress(2017-2018)
Charities Helping Americans Regularly Throughout the Year Act of 2017
Introduced
Introduced
Introduced in Senate on Jun 13, 2017
Overview
Text
Sponsor
Introduced
Jun 13, 2017
Latest Action
Jun 13, 2017
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
1343
Congress
115
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Sponsorship by Party
Republican
South Dakota
Republican
Arkansas
Democrat
Michigan
Democrat
Minnesota
Democrat
New Hampshire
Democrat
Oregon
Democrat
Pennsylvania
Republican
South Dakota
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

Charities Helping Americans Regularly Throughout the Year Act of 2017

This bill amends the Internal Revenue Code to modify several tax provisions affecting charitable contributions and tax-exempt organizations.

The Internal Revenue Service may determine the standard mileage rate for deducting the cost of using a passenger automobile for charitable purposes (currently set by statute at 14 cents per mile), and the rate may not be less than the rate for medical purposes (17 cents per mile for 2017).

The bill modifies the substantiation requirements for charitable contributions to eliminate an exemption for contributions that are reported on a return filed by a tax-exempt organization.

Tax-exempt organizations must file their returns in electronic form.

The bill excludes from the gross income of an individual who is at least 70-1/2 years of age up to $100,000 in distributions from an individual retirement plan to a donor-advised fund (DAF). The bill also modifies disclosure requirements for DAFs.

(A DAF is a fund or account that is separately identified by reference to contributions of a donor or donors. The account is owned and controlled by a sponsoring charitable organization, while the donor retains advisory privileges with respect to the distribution and investment of funds in the account.)

The bill reduces from 2% to 1% the excise tax on the investment income of private foundations and eliminates a provision that reduces the rate to 1% if a foundation meets certain distribution requirements.

The bill exempts certain philanthropic business holdings from the tax on excess business holdings of private foundations if a foundation meets requirements for exclusive ownership, donating all profits to charity, and independent operation.

Text (1)
Actions (2)
06/13/2017
Read twice and referred to the Committee on Finance.
06/13/2017
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:37:37 PM