WASHINGTON, DC, March 29, 2022 — Included in the Securing a Strong Retirement Act that passed today in the U.S. House of Representatives is the Legacy IRA Act, which would encourage charitable giving by enabling seniors to make tax-free contributions from individual retirement accounts (IRAs) to charities through life-income plans. Raymond P. Vara, Jr., chairman of the board of the American Heart Association, the world’s leading voluntary organization focused on heart and brain health, issued the following statement:
“The Legacy IRA Act is a win-win for seniors who want to support philanthropic causes and for charitable organizations that benefit from individual philanthropy. This bill would build upon the IRA Charitable Rollover, which has generated millions of dollars in new or increased contributions to local and national charities, and allow more seniors make tax-free charitable contributions.
“As a non-profit organization, the American Heart Association depends on private philanthropy, including gift planning, to effectively advance our mission to be a relentless force for a world of longer, healthier lives. The new giving option outlined in the Legacy IRA Act would encourage much-needed charitable giving, enabling seniors to contribute to causes they care about while also continuing to draw needed income from their investments.
“Our nation is stronger when everyone can give, get involved and strengthen their communities. The Legacy IRA Act would play an important role in broader efforts to increase charitable giving that would enable nonprofits to provide critical services in communities such as health research and patient education, food assistance, domestic violence supports, child care, youth homeless shelters and cultural and arts programming. We thank the House for including the Legacy IRA Act in its retirement package, and we urge the Senate to move quickly to make this bill a reality for generous seniors and the charities they support.”
About the American Heart Association
The American Heart Association is a relentless force for a world of longer, healthier lives. We are dedicated to ensuring equitable health in all communities. Through collaboration with numerous organizations, and powered by millions of volunteers, we fund innovative research, advocate for the public’s health and share lifesaving resources. The Dallas-based organization has been a leading source of health information for nearly a century. Connect with us on heart.org, Facebook, Twitter or by calling 1-800-AHA-USA1.
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