Private Foundation Excise Tax Simplification Act of 2014

Bill: 113-hr-4691
Sponsor: full_name: Rep. Paulsen, Erik [R-MN-3]
Introduced: 2014-05-20
Policy area: Taxation
Subjects: Financial services and investments

Sales and excise taxes

Tax-exempt organizations
Latest action: action_date: 2014-06-26
text: Placed on the Union Calendar, Calendar No. 370.

Summaries:
action_date: 2014-05-20
action_desc: Introduced in House
text: <p>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.</p>

action_date: 2014-06-26
action_desc: Reported to House with amendment(s)
text: <p>Private Foundation Excise Tax Simplification Act of 2014 - 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.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4691 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 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.

tv_txt: IB Union Calendar No. 370 113th CONGRESS 2d Session H. R. 4691 [Report No. 113–497] 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.

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.

1. Short title This Act may be cited as the Private Foundation Excise Tax Simplification Act of 2014 . 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.

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