An original bill to amend the Internal Revenue Code of 1986 to exempt private foundations from the tax on excess business holdings in the case of certain philanthropic enterprises which are independently supervised, and for other purposes.
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Philanthropic Enterprise Act of 2015
(Sec. 2) Amends the Internal Revenue Code to exempt the holdings of a private foundation in any business enterprise that meet specified requirements relating to exclusive ownership, minimum distribution of net operating income for the charitable purpose (all profits to charity), and independent operation (i.e., not controlled by a substantial contributor or family members) from the excise tax on excess business holdings, in taxable years beginning after 2014. Makes such exemption inapplicable to donor advised funds or supporting organizations that are subject to excess business holdings rules and certain charitable and split interest trusts.
Referred to the House Committee on Ways and Means.
Read twice and referred to the Committee on Finance.
Referred to the House Committee on Ways and Means.
Introduced in Senate
Committee on Finance. Original measure reported to Senate by Senator Hatch. With written report No. 114-20.
Committee on Finance. Original measure reported to Senate by Senator Hatch. With written report No. 114-20.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 43.
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