To amend the Internal Revenue Code of 1986 to expand tax-free distributions from individual retirement accounts for charitable purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Public Good IRA Rollover Act of 2011''.
SEC. 2. TAX-FREE DISTRIBUTIONS FROM INDIVIDUAL RETIREMENT ACCOUNTS FOR CHARITABLE PURPOSES.
(a) In General.--Paragraph (8) of section 408(d) of the Internal Revenue Code of 1986 (relating to tax treatment of distributions) is amended to read as follows: ``(8) Distributions for charitable purposes.-- ``(A) In general.--No amount shall be includible in gross income by reason of a qualified charitable distribution. ``(B) Qualified charitable distribution.--For purposes of this paragraph, the term `qualified charitable distribution' means any distribution from an individual retirement account-- ``(i) which is made directly by the trustee-- ``(I) to an organization described in section 170(c), or ``(II) to a split-interest entity, and ``(ii) which is made on or after the date that the individual for whose benefit the account is maintained has attained-- ``(I) in the case of any distribution described in clause (i)(I), age 70\1/2\, and ``(II) in the case of any distribution described in clause (i)(II), age 59\1/2\. A distribution shall be treated as a qualified charitable distribution only to the extent that the distribution would be includible in gross income without regard to subparagraph (A) and, in the case of a distribution to a split-interest entity, only if no...