MN SF3367

Urges Congress to enact H.R. 4706, the Interest for Others Act of 2016, introduced by Minnesota Third District Congressman Erik Paulsen on March 3, 2016

Provides federal income tax benefits for charitable donations of earned interest, including for individuals in lower tax brackets who do not itemize deductions

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

Increases federal income tax compliance with minimal revenue loss to the government

Directs Minnesota's Secretary of State to transmit copies of this memorial to the President, Congress leadership, and Minnesota's federal representatives