S.1857 - A bill to amend the Internal Revenue Code of 1954 to remove certain impediments to the effective philanthropy of private foundations.98th Congress (1983-1984)
|Sponsor:||Sen. Durenberger, Dave [R-MN] (Introduced 09/20/1983)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 02/24/1984 Subcommittee on Taxation and Debt Management. Hearings held. Hearings printed: S.Hrg. 98-843. (All Actions)|
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Summary: S.1857 — 98th Congress (1983-1984)All Information (Except Text)
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.