summary
Introduced
10/31/2019
10/31/2019
In Committee
10/31/2019
10/31/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to modify the tax rate for excise tax on investment income of private foundations. This bill reduces the excise tax on the net investment income of private foundations from 2% to 1.39%.
AI Summary
This bill, the Private Foundation Excise Tax Simplification Act of 2019, amends the Internal Revenue Code to reduce the excise tax on the net investment income of private foundations from 2% to 1.39%. It also eliminates the reduced tax rate for foundations that meet certain distribution requirements. The amendments made by this bill will apply to taxable years beginning after the date of the bill's enactment.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Referred to the House Committee on Ways and Means. (on 10/31/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/4953/all-info |
| BillText | https://www.congress.gov/116/bills/hr4953/BILLS-116hr4953ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr4953/BILLS-116hr4953ih.pdf.pdf |
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