HR 4706
114th Congress
House
Taxation
Bank accounts, deposits, capital
Charitable contributions
Income tax exclusion
Interest, dividends, interest rates
Tax administration and collection, taxpayers
Interest for Others Act of 2016
Introduced: March 3, 2016
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 3, 2016
Referred to the House Committee on Ways and Means.
Mar 3, 2016
Introduced in House
Plain-English summary
Interest for Others Act of 2016
This bill amends the Internal Revenue Code to allow individuals, trusts, or estates to exclude from gross income up to $50 of interest and money market fund dividend income that is contributed to charity using a program adopted by a financial institution or a money market fund.
Details regarding the payments to charities must be reported to the Internal Revenue Service by any person that: (1) pays certain interest or dividends and has a charitable contribution program, or (2) is an aggregator that receives contributions and makes payments to charities under a program.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1