H.R.640 - Private Foundation Excise Tax Simplification Act of 2015114th Congress (2015-2016)
|Sponsor:||Rep. Paulsen, Erik [R-MN-3] (Introduced 02/02/2015)|
|Committees:||House - Ways and Means; Budget|
|Committee Reports:||H. Rept. 114-19|
|Latest Action:||House - 02/09/2015 Placed on the Union Calendar, Calendar No. 13. (All Actions)|
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Summary: H.R.640 — 114th Congress (2015-2016)All Information (Except Text)
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.