S. 1981 · 117th Congress
ACE Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
I
KingSponsor2 cosponsors · 1 D, 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill modifies tax rules relating to donor advised funds (DAFs) (separately identified funds maintained and operated by a tax-exempt charitable organization for which a donor retains advisory privileges with respect to the distribution of funds and the investment of assets).
What it does: CRS summary · Introduced in Senate · Jun 9, 2021
Accelerating Charitable Efforts Act or the ACE Act
This bill modifies tax rules relating to donor advised funds (DAFs) (separately identified funds maintained and operated by a tax-exempt charitable organization for which a donor retains advisory privileges with respect to the distribution of funds and the investment of assets).
Specifically, the bill places certain restrictions on charitable contribution deductions for gifts made to a nonqualified DAF. It also sets forth rules for the treatment of private foundation administrative expenses paid to disqualified persons and for the treatment of distributions to DAFs from private foundations.
The bill imposes a 50% penalty on contributions held in a DAF that are not timely distributed.
The bill also sets forth special rules for the treatment of contributions from DAFs for purposes of meeting the public support test (the requirement that charitable organizations receive a certain percentage of their support from public sources).
The bill exempts from the tax on the investment income of a private foundation (1) distributions to a DAF of not less than 7% of the foundation's assets, and (2) for foundations that have a duration, specified in their governing documents, of not more than 25 years.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: ACE Act
Also known as: Accelerating Charitable Efforts Act
Latest action (Jun 9, 2021): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jun 9, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.