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 2015
(Sec. 2) 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.
(Sec. 3) Excludes the budgetary effects of this Act from PAYGO scorecards.
Read twice and referred to the Committee on Finance.
Introduced in House
Introduced in House
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Ordered to be Reported (Amended) by the Yeas and Nays: 24 - 14.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 114-19, Part I.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 114-19, Part I.
Committee on the Budget discharged.
Committee on the Budget discharged.
Placed on the Union Calendar, Calendar No. 13.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line