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Titles (1)

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Internal Revenue Code of 1954 to remove certain impediments to the effective philanthropy of private foundations.

Actions Overview (1)

Date Actions Overview
09/20/1983Introduced in Senate

All Actions (4)

Date All Actions
02/24/1984Subcommittee on Taxation and Debt Management. Hearings held. Hearings printed: S.Hrg. 98-843.
Action By: Senate Finance Subcommittee on Taxation and Debt Management
02/24/1984Subcommittee on Savings, Pensions, and Investment. Hearings held. Hearings printed: S.Hrg. 98-843.
Action By: Senate Finance Subcommittee on Savings, Pensions and Investment Policy
09/26/1983Committee on Finance requested executive comment from OMB, Treasury Department.
09/20/1983Read twice and referred to the Committee on Finance.
Action By: Senate

Cosponsors (12)

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Finance09/20/1983 Referred to
Senate Finance Subcommittee on Savings, Pensions and Investment Policy02/24/1984 Hearings by
Senate Finance Subcommittee on Taxation and Debt Management02/24/1984 Hearings by

No related bill information was received for S.1857.

Subjects (9)

Latest Summary (1)

There is one summary for S.1857. View summaries

Shown Here:
Introduced in Senate (09/20/1983)

Amends the Internal Revenue Code to allow income tax deductions for contributions to private foundations on the same basis as contributions to public charities (deductible up to 50 percent of the taxpayer's adjusted gross income).

Redefines "lineal descendants" to include only children and grandchildren, for purposes of private foundation penalty tax rules dealing with substantial contributors.

Provides that private foundation gifts to public charities do not forfeit their tax deductibility due to the disqualification of the charity's tax exemption if: (1) the gift is made before the Secretary of the Treasury publishes a notice of disqualification or before the foundation receives actual notice of disqualification; (2) and the foundation was not responsible or aware of the charity's change in status.

Exempts a private foundation from expenditure responsibility requirements if such foundation and all related foundations contribute no more than $25,000 in grants during a taxable year.

Permits the Secretary to abate first tier penalty taxes on private foundations if it is determined that a violation of private foundation rules was due to a reasonable cause and not to intentional disregard to rules and regulations, and was corrected within the statutory correction period.