S. 3975 would change tax law to allow people to transfer money directly from their Individual Retirement Accounts (IRAs) to donor advised funds (DAFs) as charitable contributions. Currently, IRA owners can make direct charitable donations from their retirement accounts, but the law prohibits sending those funds through donor advised funds, which are investment accounts that people use to support charities over time. The bill removes this restriction, making it easier for IRA owners to funnel retirement savings into DAFs for charitable giving. The change would take effect immediately upon the bill's enactment and has no specified funding requirements, as it primarily adjusts tax code eligibility rules. The bill is sponsored by Senators Young, Bennet, Lankford, Cortez Masto, and Cantwell.
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