The Charity Parity Act
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What is the Charity Parity Act?
On May 13, the Charity Parity Act (H.R. 8783/S. 4511), which would allow taxpayers to make direct qualified charitable distributions (QCDs) from their employer sponsored retirement plans, was introduced in the House and Senate. The bill is currently supported by Reps. Mike Kelly (R-PA) and Don Beyer (D-VA) and Sens. Kevin Cramer (R-ND) and Chris Coons (D-DE), as well as Senate Finance Members, Senators Mark Warner (D-VA) and Roger Marshall (R-KS).
The legislation would ensure retirement savers are treated equitably regardless of the type of retirement plan holding their assets. Eliminating rollover-related fees, financial burdens, and the administrative complexity for savers who would otherwise need to transfer assets from employer plans to IRAs before making a charitable contribution would make it easier to give to charity and in higher amounts. Read the full press release.
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