Summary: H.R.640 — 114th Congress (2015-2016)All Information (Except Text)

Bill summaries are authored by CRS.

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Reported to House amended, Part I (02/09/2015)

Private Foundation Excise Tax Simplification Act of 2015

(Sec. 2) Amends the Internal Revenue Code to: (1) reduce from 2% to 1% the excise tax rate on the net investment income of tax-exempt private foundations, and (2) repeal the 1% reduction in such tax rate for private foundations that meet certain distribution requirements.

(Sec. 3) Excludes the budgetary effects of this Act from PAYGO scorecards.