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ACE Act
12/30/2022, 4:18 AM
Summary of Bill HR 6595
The ACE Act proposes several key initiatives to achieve this goal. Firstly, it aims to expand the availability of broadband infrastructure by providing funding for the deployment of high-speed internet in areas that currently lack access. This funding would be allocated to both public and private entities to help bridge the digital divide.
Additionally, the bill includes provisions to streamline the permitting process for broadband infrastructure projects, making it easier for companies to build and expand networks in underserved areas. This would help to reduce costs and accelerate the deployment of broadband services to those who need it most. Furthermore, the ACE Act includes measures to promote digital literacy and adoption of broadband services in underserved communities. This includes funding for programs that educate residents on the benefits of high-speed internet and how to use it effectively. Overall, the ACE Act is aimed at improving connectivity and expanding access to broadband internet in rural and underserved areas. By investing in infrastructure, streamlining permitting processes, and promoting digital literacy, this bill seeks to bridge the digital divide and ensure that all Americans have access to the opportunities that come with high-speed internet.
Congressional Summary of HR 6595
Accelerating Charitable Efforts Act or the ACE Act
This bill modifies tax rules relating to donor advised funds (DAFs) (separately identified funds maintained and operated by a tax-exempt charitable organization for which a donor retains advisory privileges with respect to the distribution of funds and the investment of assets).
Specifically, the bill places certain restrictions on charitable contribution deductions for gifts made to a nonqualified DAF. It also sets forth rules for the treatment of private foundation administrative expenses paid to disqualified persons and for the treatment of distributions to DAFs from private foundations.
The bill imposes a 50% penalty on contributions held in a DAF that are not timely distributed.
The bill also sets forth special rules for the treatment of contributions from DAFs for purposes of meeting the public support test (the requirement that charitable organizations receive a certain percentage of their support from public sources).
The bill exempts from the tax on the investment income of a private foundation (1) distributions to a DAF of not less than 7% of the foundation's assets, and (2) for foundations that have a duration, specified in their governing documents, of not more than 25 years.
