H. R. 4691
IN THE HOUSE OF REPRESENTATIVES
May 20, 2014
Mr. Paulsen (for himself and Mr. Danny K. Davis of Illinois) introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to modify the tax rate for excise tax on investment income of private foundations.
Modification of the tax rate for the excise tax on investment income of private foundations
Section 4940(a) of the Internal Revenue Code of 1986 is amended by striking
2 percent and inserting
Elimination of reduced tax where foundation meets certain distribution requirements
Section 4940 of such Code is amended by striking subsection (e).
The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.