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H.R. 637, Permanent IRA Charitable Contribution Act of 2015 1 (February 5, 2015)

handle is hein.congrec/cbo2061 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE February 5, 2015 H.R. 637 would amend the Internal Revenue Code to reinstate and make permanent a rule that had allowed eligible taxpayers to exclude from taxable income certain distributions from their individual retirement accounts (IRAs) that were directly donated to qualifying charities. Under current law, the rule expired for distributions made after December 31, 2014. The tax treatment under H.R. 637 would apply to taxpayers over the age of 70 years and six months, and would be limited to $100,000 per taxpayer for any year. Qualified donations would include those to most public charities that would be deductible for taxpayers who itemize their income tax deductions. Taxpayers who excluded amounts from taxable income as a result of the bill would not be allowed to also claim an itemized deduction for such amounts. Amounts donated from IRAs would count for purposes of required minimum distributions. The staff of the Joint Committee on Taxation (JCT) estimates that enacting H.R. 637 would reduce revenues, thus increasing federal budget deficits, by about $8.8 billion over the 2015-2025 period. The estimated budgetary effects of H.R. 637 are shown in the following table. By Fiscal Year, in Millions of Dollars 2015- 2015- 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2020 2025 CHANGES IN REVENUES Estimated Revenues -196 -659 -702 -775 -813 -855 -895 -933 -967 -1,001 -1,030 -4,000 -8,826 Source: Staff of the Joint Committee on Taxation. Although enacting H.R. 637 would affect revenues, the provisions of the Statutory Pay-As-You-Go Act of 2010 do not apply to the legislation because it includes a provision that would direct the Office of Management and Budget to exclude the estimated changes in revenues from the scorecards used to enforce the pay-as-you-go rules. H.R. 637 Permanent IRA Charitable Contribution Act of 2015 As ordered reported by the House Committee on Ways and Means on February 4, 2015

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