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MN HF3843
Bill
Status
4/7/2016
Primary Sponsor
Jon Applebaum
Click for details
AI Summary
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Urges Congress to pass H.R. 4706, the Interest for Others Act of 2016, introduced by Minnesota Third District Congressman Erik Paulsen on March 3, 2016
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Provides federal income tax benefits for donors who contribute earned interest to charitable organizations, including individuals in lower tax brackets who do not itemize deductions
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Reduces administrative costs for financial institutions, customers, and the U.S. Treasury by eliminating the need to prepare and deliver 1099 forms for donated interest
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Increases federal income tax compliance with minimal loss of revenue
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Directs the Minnesota Secretary of State to transmit copies of this memorial to the President, both houses of Congress, and Minnesota's federal delegation
Legislative Description
Interest for Others Act of 2016; urging Congress to take action on the Interest for Others Act of 2016.
Last Action
Introduction and first reading, referred to Taxes
4/7/2016