[Congressional Record Volume 145, Number 48 (Thursday, March 25, 1999)]
[Extensions of Remarks]
[Page E558]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


           THE IRA CHARITABLE ROLLOVER INCENTIVE ACT OF 1999

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                          HON. PHILIP M. CRANE

                              of illinois

                    in the house of representatives

                        Thursday, March 25, 1999

  Mr. CRANE. Mr. Speaker, today I am joined by my Ways and Means 
Committee colleague Mr. Neal in introducing the IRA Charitable Rollover 
Incentive Act. This bill will allow Americans who have reached age 
59\1/2\ to donate their IRA assets to a charity without incurring 
income tax on the distribution.
  Under current law, distributions from IRA's are taken in as income to 
the account holder and taxed. This proposal will allow the assets in 
the IRA to pass directly to the charity without being taken in and 
taxed as income. However, the donor may not also claim a charitable 
contribution deduction as the IRA assets represent previously untaxed 
income.
  The IRA Charitable Rollover Incentive Act has come about thanks to 
the valuable input from hundreds of charitable organizations across the 
country. I want to specifically thank Northwestern University President 
Henry Bienen for bringing to my attention the problems the current laws 
governing IRA's have created for donors who wish to transfer their 
assets to charities.
  This bill has the potential for unlocking significant financial 
resources for charitable organizations. I urge my colleagues to join us 
in this effort by cosponsoring the IRA Charitable Rollover Incentive 
Act.

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