113 HR 4691 RH: Private Foundation Excise Tax Simplification Act of 2014 U.S. House of Representatives 2014-06-26 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
IB Union Calendar No. 370 113th CONGRESS 2d Session H. R. 4691 [Report No. 113–497] IN THE HOUSE OF REPRESENTATIVES May 20, 2014 Mr. Paulsen (for himself and Mr. Danny K. Davis of Illinois) introduced the following bill; which was referred to the Committee on Ways and Means June 26, 2014 Additional sponsor: Mr. Reed June 26, 2014 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic A BILL To amend the Internal Revenue Code of 1986 to modify the tax rate for excise tax on investment income of private foundations.
1.
Modification of the tax rate for the excise tax on investment income of private foundations
(a)
In general
Section 4940(a) of the Internal Revenue Code of 1986 is amended by striking 2 percent and inserting 1 percent. (b)
Elimination of reduced tax where foundation meets certain distribution requirements
Section 4940 of such Code is amended by striking subsection (e). (c)
Effective date
The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.
1.
Short title
This Act may be cited as the Private Foundation Excise Tax Simplification Act of 2014.
2.
Modification of the tax rate for the excise tax on investment income of private foundations
(a)
In general
Section 4940(a) of the Internal Revenue Code of 1986 is amended by striking 2 percent and inserting 1 percent. (b)
Elimination of reduced tax where foundation meets certain distribution requirements
Section 4940 of such Code is amended by striking subsection (e). (c)
Effective date
The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.
 June 26, 2014 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed