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H.R. 2386: Private Foundation Excise Tax Simplification Act of 2017

The text of the bill below is as of May 4, 2017 (Introduced).


I

115th CONGRESS

1st Session

H. R. 2386

IN THE HOUSE OF REPRESENTATIVES

May 4, 2017

(for himself, Mr. Danny K. Davis of Illinois, Mr. Tiberi, Mr. Holding, and Mr. Nolan) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

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 2017.

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.

3.

Budgetary effects

The budgetary effects of this Act shall not be entered on either PAYGO scorecard maintained pursuant to section 4(d) of the Statutory Pay-As-You-Go Act of 2010.