CASE has joined a coalition in support of legislation that would expand the IRA charitable rollover.

If enacted, the Legacy IRA Act of 2017 (H.R. 1337) would allow individuals to make up to $400,000 of tax-free distributions annually from their individual retirement accounts (IRAs) to split-interest entities beginning at age 65. The provision would expire on Dec. 31, 2021.

Currently, taxpayers age 70½ or older can make up to $100,000 annual tax-free contribution from their IRA to eligible charities, including colleges, universities and independent schools. Since its permanent enactment, the IRA Charitable Rollover has generated millions of dollars in new or increased contributions that benefit students and the institutions that serve them. The Legacy IRA Act would build on this success by allowing taxpayers to make up to $400,000 in tax-free distributions from their IRAs to split-interest entities (such as charitable remainder trusts or charitable gift annuities) beginning at age 65.

CASE will work with our charitable sector partners to build bipartisan support for H.R. 1337.

For the latest developments on the IRA Charitable Rollover, please visit the CASE Advocacy Action Center and join the CASE Advocacy Network.

This article is from the September 2018 BriefCASE issue.