H.R.4090 - To amend the Internal Revenue Code of 1986 to modify the rate of the excise tax on investment income of private foundations, and for other purposes.111th Congress (2009-2010)
|Sponsor:||Rep. Davis, Danny K. [D-IL-7] (Introduced 11/17/2009)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 11/17/2009 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: H.R.4090 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in House (11/17/2009)
Amends the Internal Revenue Code to: (1) reduce between 2010 and 2015 the excise tax rate on the net investment income of tax-exempt private foundations from 2 to 1.32%; and (2) suspend between 2010 and 2015 the 1% reduction in such tax rate for private foundations that meet certain distribution requirements.
Directs the Secretary of the Treasury to conduct and submit to Congress by December 31, 2013, a study which examines the effect of the tax rate changes of this Act on the level of grantmaking by private foundations.