[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 676 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                 S. 676

 To amend the Internal Revenue Code of 1986 to modify the tax rate for 
        excise tax on investment income of private foundations.


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                   IN THE SENATE OF THE UNITED STATES

                             March 24, 2009

 Mr. Schumer (for himself, Ms. Stabenow, and Mr. Levin) introduced the 
 following bill; which was read twice and referred to the Committee on 
                                Finance

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                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to modify the tax rate for 
        excise tax on investment income of private foundations.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. MODIFICATION OF THE TAX RATE FOR THE EXCISE TAX ON 
              INVESTMENT INCOME OF PRIVATE FOUNDATIONS.

    (a) In General.--Subsection (a) of section 4940 of the Internal 
Revenue Code of 1986 is amended by striking ``2 percent'' and inserting 
``1.32 percent''.
    (b) Elimination of Reduced Tax Where Foundation Meets Certain 
Distribution Requirements.--Section 4940 of the Internal Revenue Code 
of 1986 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.
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