S 592
107th Congress
Senate
Social Welfare
Agriculture and Food
Bank accounts
Business income tax
Capital investments
Charitable contributions
Charities
College costs
Commerce
Community development banking
Congress
Congressional reporting requirements
Cost of living adjustments
Credit unions
Economics and Public Finance
Education
Education savings accounts
Electronic funds transfers
Families
Finance and Financial Sector
Savings Opportunity and Charitable Giving Act of 2001
Introduced: March 21, 2001
See on congress.gov
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
Plain-English summary
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.
What's happening now
Sponsor introductory remarks on measure. (CR S5533-5535)
Committees of jurisdiction
1
Cosponsors
1