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


The text of the bill below is as of May 20, 2014 (Introduced).


I

113th CONGRESS

2d Session

H. R. 4691

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

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.

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.