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H.R. 5645 (113th): Philanthropic Enterprise 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.

9/18/2014--Introduced. Philanthropic Enterprise Act of 2014 - Amends the Internal Revenue Code to exempt the holdings of a private foundation in any business enterprise that meets specified requirements relating to exclusive ownership, minimum distribution of net operating income for the charitable purpose, and independent operation (i.e., not controlled by a substantial contributor or family members) from the excise taxes on excess business holdings and unrelated business income.