skip to main content

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


The text of the bill below is as of Jun 26, 2014 (Reported by House Committee). The bill was not enacted into law.


IB

Union Calendar No. 370

113th CONGRESS

2d Session

H. R. 4691

[Report No. 113–497]

IN THE HOUSE OF REPRESENTATIVES

May 20, 2014

(for himself and Mr. Danny K. Davis of Illinois) introduced the following bill; which was referred to the Committee on Ways and Means

June 26, 2014

Additional sponsor: Mr. Reed

June 26, 2014

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

Strike out all after the enacting clause and insert the part printed in italic


A BILL

To amend the Internal Revenue Code of 1986 to modify the tax rate for excise tax on investment income of private foundations.


1.

Short title

This Act may be cited as the Private Foundation Excise Tax Simplification Act of 2014 .

2.

Modification of the tax rate for the excise tax on investment income of private foundations

(a)

In general

Section 4940(a) of the Internal Revenue Code of 1986 is amended by striking 2 percent and inserting 1 percent.

(b)

Elimination of reduced tax where foundation meets certain distribution requirements

Section 4940 of such Code is amended by striking subsection (e).

(c)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

June 26, 2014

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed