A U.S. bill that would place new restrictions on donor-advised funds with the goal of getting them to pay out sooner appears to have stalled in Congress. But the conversations it has started about how to get the wealthiest Americans to donate to charities faster are likely to continue regardless of its fate, according to experts following the legislation.
The Accelerating Charitable Efforts Act was first introduced in the Senate in June with the aim of freeing up money set aside for charitable giving and held in DAFs by imposing a cutoff time for it to be paid out. Members of the House of Representatives introduced their version of the bill in February.
But the legislation has not yet advanced in the House or Senate. Neither version has been approved by a committee, a necessary step for moving legislation toward passage in either chamber. The offices of the lead sponsors in each chamber — independent Sen. Angus King and Democratic Rep. Chellie Pingree, both from Maine — did not respond to multiple requests for comment on the legislation’s status.