[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4691 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4691

 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 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

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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.--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.
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