3.0.0 6595 2022-12-30T04:18:59Z 2022-12-30T04:18:59Z House HR 2022-02-03 117 [Congressional Record Volume 168, Number 22 (Thursday, February 3, 2022)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. PINGREE:H.R. 6595.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8[Page H947]]]> hswm00 Ways and Means Committee House Standing Referred to 2022-02-03T17:00:40Z ACE Act 117 1981 S 2021-06-09 Read twice and referred to the Committee on Finance. Identical bill CRS 2022-02-03 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2022-02-03 Introduced in House IntroReferral Intro-H 9 Library of Congress 2022-02-03 Introduced in House IntroReferral 1000 9 Library of Congress P000597 Rep. Pingree, Chellie [D-ME-1] Chellie Pingree D ME 1 N R000585 Rep. Reed, Tom [R-NY-23] Tom Reed R NY 23 2022-02-03 True K000389 Rep. Khanna, Ro [D-CA-17] Ro Khanna D CA 17 2022-02-03 True P000618 Rep. Porter, Katie [D-CA-45] Katie Porter D CA 45 2022-02-03 True Taxation Taxation 00 2022-02-03 Introduced in House 2022-04-05T13:17:40Z Accelerating Charitable Efforts Act or the ACE Act

This bill modifies tax rules relating to donor advised funds (DAFs) (separately identified funds maintained and operated by a tax-exempt charitable organization for which a donor retains advisory privileges with respect to the distribution of funds and the investment of assets).

Specifically, the bill places certain restrictions on charitable contribution deductions for gifts made to a nonqualified DAF. It also sets forth rules for the treatment of private foundation administrative expenses paid to disqualified persons and for the treatment of distributions to DAFs from private foundations.

The bill imposes a 50% penalty on contributions held in a DAF that are not timely distributed.

The bill also sets forth special rules for the treatment of contributions from DAFs for purposes of meeting the public support test (the requirement that charitable organizations receive a certain percentage of their support from public sources).

The bill exempts from the tax on the investment income of a private foundation (1) distributions to a DAF of not less than 7% of the foundation's assets, and (2) for foundations that have a duration, specified in their governing documents, of not more than 25 years.

]]> ACE Act Display Title ACE Act Short Title(s) as Introduced ACE Act Introduced in House IH Short Title(s) as Introduced Accelerating Charitable Efforts Act Introduced in House IH Official Title as Introduced To amend the Internal Revenue Code of 1986 to modify rules relating to donor advised funds, and for other purposes. Introduced in House IH Introduced in House 2022-02-03T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117hr6595ih/xml/BILLS-117hr6595ih.xml 2022-02-03 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.