S. 1568 would amend the Internal Revenue Code of 1986 to encourage private philanthropy.
Detailed Summary
Personal Philanthropy Account Act of 2007 - Amends the Internal Revenue Code to allow a tax deduction (whether or not the taxpayer itemizes deductions) for cash contributions to a personal philanthropy account. Defines "personal philanthropy account" as a tax-exempt trust created to make distributions for charitable purposes. Sets forth rules providing for employer contributions to such accounts, default charitable distributions in the event of an account holder's death, and minimum annual distributions.
Allows an exclusion from the gross income of an employee for contributions made by an employer to the employee's personal philanthropy account.
Status of the Legislation
Latest Major Action: 6/7/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
Points in Favor
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Points Against
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