US Codex
Bill
Notes

Private Foundation Excise Tax Simplification Act of 2014

H.R. 4691 · 113th Congress · May 20, 2014 · Lineage

A BILL

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

Section 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.