Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Apr 14, 2015)
Philanthropic Enterprise Act of 2015
Amends the Internal Revenue Code to exempt the holdings of a private foundation in any business enterprise that meet specified requirements relating to exclusive ownership, minimum distribution of net operating income for the charitable purpose (all profits to charity), and independent operation (i.e., not controlled by a substantial contributor or family members) from the excise tax on excess business holdings.
What just happenedApr 14, 2015
Placed on Senate Legislative Calendar under General Orders. Calendar No. 43.
Who’s behind it
Placed on Senate Legislative Calendar under General Orders. Calendar No. 43.
Committee on Finance. Original measure reported to Senate by Senator Hatch. With written report No. 114-20.
Committee on Finance. Original measure reported to Senate by Senator Hatch. With written report No. 114-20.
Introduced in Senate
Philanthropic Enterprise Act of 2015
Amends the Internal Revenue Code to exempt the holdings of a private foundation in any business enterprise that meet specified requirements relating to exclusive ownership, minimum distribution of net operating income for the charitable purpose (all profits to charity), and independent operation (i.e., not controlled by a substantial contributor or family members) from the excise tax on excess business holdings.
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Philanthropic Enterprise Act of 2015
(Sec. 2) Amends the Internal Revenue Code to exempt the holdings of a private foundation in any business enterprise that meet specified requirements relating to exclusive ownership, minimum distribution of net operating income for the charitable purpose (all profits to charity), and independent operation (i.e., not controlled by a substantial contributor or family members) from the excise tax on excess business holdings, in taxable years beginning after 2014. Makes such exemption inapplicable to donor advised funds or supporting organizations that are subject to excess business holdings rules and certain charitable and split interest trusts.