[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 640 Reported in House (RH)]

                                                  Union Calendar No. 13
114th CONGRESS
  1st Session
                                H. R. 640

                      [Report No. 114-19, Part I]

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 2, 2015

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, and in addition to the Committee on the Budget, for a period to 
      be subsequently determined by the Speaker, in each case for 
consideration of such provisions as fall within the jurisdiction of the 
                          committee concerned

                            February 9, 2015

     Additional sponsors: Mr. Reed and Mr. Costello of Pennsylvania

                            February 9, 2015

    Reported from the Committee on Ways and Means with an amendment
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

                            February 9, 2015

 The Committee on the Budget discharged; committed to the Committee of 
  the Whole House on the State of the Union and ordered to be printed
    [For text of introduced bill, see copy of bill as introduced on 
                           February 2, 2015]


_______________________________________________________________________

                                 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,

SEC. 1. SHORT TITLE.

    This Act may be cited as the ``Private Foundation Excise Tax 
Simplification Act of 2015''.

SECTION 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.

SEC. 3. BUDGETARY EFFECTS.

    The budgetary effects of this Act shall not be entered on either 
PAYGO scorecard maintained pursuant to section 4(d) of the Statutory 
Pay-As-You-Go Act of 2010.
                                                  Union Calendar No. 13

114th CONGRESS

  1st Session

                               H. R. 640

                      [Report No. 114-19, Part I]

_______________________________________________________________________

                                 A BILL

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

_______________________________________________________________________

                            February 9, 2015

    Reported from the Committee on Ways and Means with an amendment

                            February 9, 2015

 The Committee on the Budget discharged; committed to the Committee of 
  the Whole House on the State of the Union and ordered to be printed