Interest for Others Act of 2017
- Last Action
- 2/6/2017
Actions
- 2017-02-06Referred to the House Committee on Ways and Means.
- 2017-02-06Introduced in House
- 2017-02-06Introduced in House
CRS Summary
As of 2017-02-06 (00)
Interest for Others Act of 2017
This bill amends the Internal Revenue Code to allow individuals, trusts, or estates to exclude from gross income up to $50 per year 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.
Cosponsors (1)
- Kristi Noem (R-SD)
Subjects
- Bank accounts, deposits, capital
- Charitable contributions
- Income tax exclusion
- Interest, dividends, interest rates
- Tax administration and collection, taxpayers
Sourced from Congress.gov (public domain).
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