To amend the Internal Revenue Code of 1986 to modify the tax rate for excise tax on investment income of private foundations.
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.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 23 - 10.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 113-497.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 113-497.
Placed on the Union Calendar, Calendar No. 370.
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