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H.R. 4953 - Private Foundation Excise Tax Simplification Act of 2019

OCT. 31, 2019

H.R. 4953; Private Foundation Excise Tax Simplification Act of 2019

DATED OCT. 31, 2019
DOCUMENT ATTRIBUTES
  • Authors
    Davis, Rep. Danny K.
  • Institutional Authors
    U.S. House of Representatives
  • Code Sections
  • Subject Area/Tax Topics
  • Jurisdictions
  • Tax Analysts Document Number
    2019-43628
  • Tax Analysts Electronic Citation
    2019 TNTF 223-22
    2019 EOR 12-58
  • Magazine Citation
    The Exempt Organization Tax Review, Dec. 2019, p. 544
    84 Exempt Org. Tax Rev. 544 (2019)
Citations: H.R. 4953; Private Foundation Excise Tax Simplification Act of 2019

116TH CONGRESS
1ST SESSION

H.R. 4953

To amend the Internal Revenue Code of 1986 to modify
the tax rate for excise tax on investment income of private foundations.

IN THE HOUSE OF REPRESENTATIVES

OCTOBER 31, 2019

Mr. DANNY K. DAVIS of Illinois (for himself and Mr. HOLDING)
introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to modify the tax rate for excise tax on investment income of private foundations.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the "Private Foundation Excise Tax Simplification Act of 2019".

SEC. 2. MODIFICATION OF THE TAX RATE FOR THE EXCISE TAX ON INVESTMENT INCOME OF PRIVATE FOUNDATIONS.

(a) IN GENERAL. — Section 4940(a) of the Internal Revenue Code of 1986 is amended by striking "2 percent" and inserting "1.39 percent".

(b) ELIMINATION OF REDUCED TAX WHERE FOUNDATION MEETS CERTAIN DISTRIBUTION REQUIREMENTS. — Section 4940 of such Code is amended by striking subsection (e).

(c) EFFECTIVE DATE. — The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

DOCUMENT ATTRIBUTES
  • Authors
    Davis, Rep. Danny K.
  • Institutional Authors
    U.S. House of Representatives
  • Code Sections
  • Subject Area/Tax Topics
  • Jurisdictions
  • Tax Analysts Document Number
    2019-43628
  • Tax Analysts Electronic Citation
    2019 TNTF 223-22
    2019 EOR 12-58
  • Magazine Citation
    The Exempt Organization Tax Review, Dec. 2019, p. 544
    84 Exempt Org. Tax Rev. 544 (2019)
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