Bill journey · stage 2 of 5
Under committee review
What it doesSummary reported to house with amendment(s) (Jun 26, 2014)
Private Foundation Excise Tax Simplification Act of 2014 - 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.
What just happenedJun 26, 2014
Placed on the Union Calendar, Calendar No. 370.
Who’s behind it
Placed on the Union Calendar, Calendar No. 370.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 113-497.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 113-497.
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 23 - 10.
Committee Consideration and Mark-up Session Held.
Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Private Foundation Excise Tax Simplification Act of 2014 - 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.
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.