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H.R. 4691 (113th): Private Foundation Excise Tax Simplification Act of 2014


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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


6/26/2014--Reported to House amended. Private Foundation Excise Tax Simplification Act of 2014 - Amends the Internal Revenue Code to: (1) reduce from 2% to 1% the excise tax rate on the net investment income of tax-exempt private foundations, and (2) repeal the 1% reduction in such tax rate for private foundations that meet certain distribution requirements.