Beyer And Kelly Introduce Bipartisan Legislation To Encourage Charitable Giving

Statement

Today Reps. Don Beyer (D-VA) and Mike Kelly (R-PA) introduced the bipartisan Legacy IRA Act, legislation to encourage charitable giving by American seniors. The bill would expand the Charitable IRA Rollover to treat donations made by retirees to gift annuity programs as pre-tax income.

"Our bipartisan legislation encourages American seniors to continue and increase their generous contributions to worthy charitable causes," said Rep. Don Beyer (D-VA). "So many good institutions and organizations benefit from the Charitable IRA Rollover and increasing the financial security of retirees who donate to them will reap enormous benefits for our society. I thank my colleague Congressman Kelly and the organizations backing this legislation for their support."

"Americans are some of the most charitable in the world. We give to our churches, we give to our schools, and we give to our local community groups. More than 77 million Americans volunteer their time, talent and energy to make a difference. In addition to their time, Americans provide financial support to the more than 1.5 million charities in America. Our legislation seeks to further encourage more charitable giving by providing additional tax incentives to seniors. Because Americans give and serve, we all live a richer, happier, and healthier life," Rep. Mike Kelly (R-PA) said.

"We thank Representatives Don Beyer (D-VA) and Mike Kelly (R-PA) for introducing the Legacy IRA Act which will go a long way in incentivizing seniors to make charitable donations while allowing them to retain their annual retirement income," said March of Dimes President and CEO Stacey D. Stewart. "Providing individuals with new giving options, like this one, will be particularly attractive to middle income seniors and help bolster our country's proud legacy of charitable giving."

Beyer and Kelly both serve on the House Committee on Ways and Means, which has jurisdiction over pensions and tax policy.

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