[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2386 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 2386

 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 4, 2017

 Mr. Paulsen (for himself, Mr. Danny K. Davis of Illinois, Mr. Tiberi, 
 Mr. Holding, and Mr. Nolan) 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

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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. SHORT TITLE.

    This Act may be cited as the ``Private Foundation Excise Tax 
Simplification Act of 2017''.

SEC. 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.
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