H.R. 4706 · 114th Congress
Interest for Others Act of 2016
- Stage
- In committee
- Sponsor
- Erik Paulsen
- Introduced
- 2016-03-03
- Latest action
- 2016-03-03 · Introduced in House
Summary
Interest for Others Act of 2016
This bill amends the Internal Revenue Code to allow individuals, trusts, or estates to exclude from gross income up to $50 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.