H.R. 640 — what changed
Private Foundation Excise Tax Simplification Act of 2015
From Introduced in House to Reported in House. 2 sections amended and 1 added between Introduced in House and Reported in House.
Section 1 Short title
added This Act may be cited as the “Private Foundation Excise Tax Simplification Act of 2015”.
removed
In general— Section 4940(a) of the Internal Revenue Code of 1986 is amended by striking “2 percent” and inserting “1 percent”.
removed
Elimination of reduced tax where foundation meets certain distribution requirements— Section 4940 of such Code is amended by striking subsection (e).
removed
Effective date— The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.
Sec. 2 Modification of the tax rate for the excise tax on investment income of private foundations
added
In general— Section 4940(a) of the Internal Revenue Code of 1986 is amended by striking “2 percent” and inserting “1 percent”.
added
Elimination of reduced tax where foundation meets certain distribution requirements— Section 4940 of such Code is amended by striking subsection (e).
added
Effective date— The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.
removed
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.
Sec. 3 Budgetary effects
addedadded 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.