[Congressional Record (Bound Edition), Volume 147 (2001), Part 1]
[Senate]
[Page 831]
[From the U.S. Government Publishing Office, www.gpo.gov]



                        CHARITABLE CONTRIBUTIONS

  Mrs. HUTCHISON. Mr. President, later today I plan to introduce 
legislation that will be a very important part of our tax bill and also 
part of the effort to encourage people to give more to charitable 
institutions. This bill was passed by Congress last session, and it was 
vetoed by the President. Senator Durbin and I are going to reintroduce 
it. It is the IRA charity rollover bill.
  It will allow simply anyone 59\1/2\ or older to take money from their 
IRA that they find they do not need for the lifestyle in which they 
wish to live in retirement and give it directly to charity without 
having to pay taxes on it. This will give more money to the charity, it 
will allow that person to choose where his or her money will go, and it 
will certainly continue to encourage people to save for their 
retirement security. It will also give them flexibility, an option, if 
they have saved in good faith and find they now can be more generous 
and would like to help the charity of their choice.
  The charity IRA rollover bill will be introduced by Senator Durbin 
and myself this afternoon. I am very pleased it also is going to be 
part of President Bush's tax package. Now I know that when we pass this 
bill, it will be signed by the President.

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