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[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4691 Reported in House (RH)]

                                                 Union Calendar No. 370
113th CONGRESS
  2d Session
                                H. R. 4691

                          [Report No. 113-497]

 To amend the Internal Revenue Code of 1986 to modify the tax rate for 
        excise tax on investment income of private foundations.

_______________________________________________________________________

                    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

                             June 26, 2014

                      Additional sponsor: Mr. Reed

                             June 26, 2014

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

_______________________________________________________________________

                                 A BILL

 
 To amend the Internal Revenue Code of 1986 to modify the tax rate for 
        excise tax on investment income of private foundations.

 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

<DELETED>SECTION 1. MODIFICATION OF THE TAX RATE FOR THE EXCISE TAX ON 
              INVESTMENT INCOME OF PRIVATE FOUNDATIONS.</DELETED>

<DELETED>    (a) In General.--Section 4940(a) of the Internal Revenue 
Code of 1986 is amended by striking ``2 percent'' and inserting ``1 
percent''.</DELETED>
<DELETED>    (b) Elimination of Reduced Tax Where Foundation Meets 
Certain Distribution Requirements.--Section 4940 of such Code is 
amended by striking subsection (e).</DELETED>
<DELETED>    (c) Effective Date.--The amendments made by this section 
shall apply to taxable years beginning after the date of the enactment 
of this Act.</DELETED>

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Private Foundation Excise Tax 
Simplification Act of 2014''.

SEC. 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.
                                                 Union Calendar No. 370

113th CONGRESS

  2d Session

                               H. R. 4691

                          [Report No. 113-497]

_______________________________________________________________________

                                 A BILL

 To amend the Internal Revenue Code of 1986 to modify the tax rate for 
        excise tax on investment income of private foundations.

_______________________________________________________________________

                             June 26, 2014

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
```