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S 592 107th Congress Senate

Savings Opportunity and Charitable Giving Act of 2001

Official title: A bill to amend the Internal Revenue Code of 1986 to create Individual Development Accounts, and for other purposes.

Introduced: March 21, 2001 See on congress.gov
Social Welfare Agriculture and FoodBank accountsBusiness income taxCapital investments
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Charitable contributionsCharitiesCollege costsCommerceCommunity development bankingCongressCongressional reporting requirementsCost of living adjustmentsCredit unionsEconomics and Public FinanceEducationEducation savings accountsElectronic funds transfersFamiliesFinance and Financial Sector
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This bill died when the 107th Congress ended
It never became law before the 107th Congress (2001–2002) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 23, 2001
Sponsor introductory remarks on measure. (CR S5533-5535)
Mar 21, 2001
Read twice and referred to the Committee on Finance.
Mar 21, 2001
Sponsor introductory remarks on measure. (CR S2672-2674)
Mar 21, 2001
Introduced in Senate
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 Latest action May 23, 2001

Sponsor introductory remarks on measure. (CR S5533-5535)

 Plain-English summary Congressional Research Service
The Savings Opportunity and Charitable Giving Act of 2001 - Amends the Internal Revenue Code to permit any qualified financial institution, qualified nonprofit organization, or Indian tribe to establish one or more qualified individual development account programs. Defines such an account as an account established for an eligible individual as part of a qualified individual development account program. Sets forth provisions concerning such accounts, including: (1) the structure and administration of account programs; (2) procedures for opening and maintaining an account and qualifying for matching funds; (3) withdrawal procedures; and (4) disregarding account funds for purposes of certain means-tested Federal programs.

Permits non-itemizers to deduct a portion of their charitable contributions.

Prohibits, in general, including in gross income distributions from individual retirement accounts for charitable purposes.

Sets forth a rule for determining the amount of the deduction allowable for a charitable contribution of food inventory.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Durbin, Richard J.
Illinois · Mar 21, 2001
Cite this page click to expand
APA
U.S. Congress. (2026). S. 592: Savings Opportunity and Charitable Giving Act of 2001. 107th Congress. Open America. https://openamerica.io/bill/107-S-592/
MLA
"S. 592: Savings Opportunity and Charitable Giving Act of 2001." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-S-592/.
Bluebook (legal)
S. 592, 107th Cong. (2026), https://openamerica.io/bill/107-S-592/.
Markdown link
[S. 592: Savings Opportunity and Charitable Giving Act of 2001](https://openamerica.io/bill/107-S-592/)
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