Summary: H.R.4030 — 95th Congress (1977-1978)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Passed House amended (08/01/1978)

(Measure passed House, amended, roll call #626 (317-86))

Amends the Internal Revenue Code to extend to 20 years the time period during which a private foundation may hold voting stock in certain public utilities without being subject to the excise tax on excess business holdings. Stipulates that such stock must have been held on May 26, 1969, and have been acquired by gift, devise, or bequest from an individual who is not an officer of the foundation nor has any family members who are officers.