TREATMENT OF CHARITABLE CONTRIBUTION DEDUCTIONS TO DONOR ADVISED FUNDS.

SEC. 1234. TREATMENT OF CHARITABLE CONTRIBUTION DEDUCTIONS TO DONOR ADVISED FUNDS.(a) Income.—Section 170(f) (relating to disallowance of deduction in certain cases and special rules), as amended by this Act, is amended by adding at the end the following new paragraph:“(18) Contributions to donor advised funds.—A deduction otherwise allowed under subsection (a) for any contribution to a donor advised fund (as defined in section 4966(d)(2)) shall only be allowed if—“(A) the sponsoring organization (as defined in section 4966(d)(1)) with respect to such donor advised fund is not—“(i) described in paragraph (3), (4), or (5) of subsection (c), or“(ii) a type III supporting organization (as defined in section 4943(f)(5)(A)) which is not a functionally integrated type III supporting organization (as defined in section 4943(f)(5)(B)), and“(B) the taxpayer obtains a contemporaneous written acknowledgment (determined under rules similar to the rules of paragraph (8)(C)) from the sponsoring organization (as so defined) of such donor advised fund that such organization has exclusive legal control over the assets contributed.”.(b) Estate.—Section 2055(e) is amended by adding at the end the following new paragraph:“(5) Contributions to donor advised funds.—A deduction otherwise allowed under subsection (a) for any contribution to a donor advised fund (as defined in section 4966(d)(2)) shall only be allowed if—“(A) the sponsoring organization (as defined in section 4966(d)(1)) with respect to such donor advised fund is not—“(i) described in paragraph (3) or (4) of subsection (a), or“(ii) a type III supporting organization (as defined in section 4943(f)(5)(A)) which is not a functionally integrated type III supporting organization (as defined in section 4943(f)(5)(B)), and“(B) the taxpayer obtains a contemporaneous written acknowledgment (determined under rules similar to the 120 STAT. 1101 rules of section 170(f)(8)(C)) from the sponsoring organization (as so defined) of such donor advised fund that such organization has exclusive legal control over the assets contributed.”.(c) Gift.—Section 2522(c) is amended by adding at the end the following new paragraph:“(5) Contributions to donor advised funds.—A deduction otherwise allowed under subsection (a) for any contribution to a donor advised fund (as defined in section 4966(d)(2)) shall only be allowed if—“(A) the sponsoring organization (as defined in section 4966(d)(1)) with respect to such donor advised fund is not—“(i) described in paragraph (3) or (4) of subsection (a), or“(ii) a type III supporting organization (as defined in section 4943(f)(5)(A)) which is not a functionally integrated type III supporting organization (as defined in section 4943(f)(5)(B)), and“(B) the taxpayer obtains a contemporaneous written acknowledgment (determined under rules similar to the rules of section 170(f)(8)(C)) from the sponsoring organization (as so defined) of such donor advised fund that such organization has exclusive legal control over the assets contributed.”.(d) Effective Date.—The amendments made by this section shall apply to contributions made after the date which is 180 days after the date of the enactment of this Act.