Senate Floor Speech
Senator Kay Bailey Hutchison
ENTER DATE -- Page: S702

MRS. HUTCHISON. Mr. President, later today I plan to introduce legislation that will be a very important part of our tax bill and also part of the effort to encourage people to give more to charitable institutions. This bill was passed by Congress last session, and it was vetoed by the President. Senator Durbin and I are going to reintroduce it. It is the IRA charity rollover bill.

It will allow simply anyone 59 1/2 or older to take money from their IRA that they find they do not need for the lifestyle in which they wish to live in retirement and give it directly to charity without having to pay taxes on it. This will give more money to the charity, it will allow that person to choose where his or her money will go, and it will certainly continue to encourage people to save for their retirement security. It will also give them flexibility, an option, if they have saved in good faith and find they now can be more generous and would like to help the charity of their choice.

The charity IRA rollover bill will be introduced by Senator Durbin and myself this afternoon. I am very pleased it also is going to be part of President Bush's tax package. Now I know that when we pass this bill, it will be signed by the President.