Amends the Internal Revenue Code to extend to 20 years the time period during which a private foundation may hold voting stock in certain public utilities without being subject to the excise tax on excess business holdings. Stipulates that such stock must have been held on May 26, 1969, and have been acquired by gift, devise, or bequest from an individual who is not an officer of the foundation nor has any family members who are officers.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
Reported to House from the Committee on Ways and Means with amendment, H. Rept. 95-1039.
Reported to House from the Committee on Ways and Means with amendment, H. Rept. 95-1039.
Measure called up under motion to suspend rules and pass in House.
Measure considered in House.
Failed of passage/not agreed to in House: Measure failed of passage in House under Suspension of rules, roll call #318 (218-145).
Roll Call #318 (House)Measure failed of passage in House under Suspension of rules, roll call #318 (218-145).
Roll Call #318 (House)Measure called up by unanimous consent in House.
Measure considered in House.
Passed/agreed to in House: Measure passed House, amended, roll call #626 (317-86).
Roll Call #626 (House)Measure passed House, amended, roll call #626 (317-86).
Roll Call #626 (House)Referred to Senate Committee on Finance.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line