We don’t have a summary available yet.
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on May 4, 2017.
Private Foundation Excise Tax Simplification Act of 2017
This bill 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. The bill also excludes the budgetary effects of this bill from PAYGO scorecards maintained pursuant to the Statutory Pay-As-You-Go Act of 2010.