June 3, 1999 | Read Time: 1 minute
Sen. Kay Bailey Hutchison, a Texas Republican, has introduced a bill that would provide an incentive to donors who want to give funds to charity from their individual retirement accounts.
The measure, the I.R.A. Rollover to Charity Act, would allow people age
59 ½ and older to donate retirement-account assets directly to charity — or through a charitable remainder trust or other planned gift — without having to count the funds as income and pay taxes on them. Other Senators sponsoring the measure include Richard J. Durbin, an Illinois Democrat, and Jesse Helms, a North Carolina Republican.
The bill is similar to legislation introduced by House members earlier this year.
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