US HR3035

Bill

Philanthropic Enterprise Act of 2017

Introduced
06/23/2017

In Committee
06/23/2017

Crossed Over

Passed

Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

Philanthropic Enterprise Act of 2017 This bill amends the Internal Revenue Code to exempt the holdings of a private foundation in any business enterprise that meets specified requirements relating to exclusive ownership, minimum distribution of net operating income for the charitable purpose (all profits to charity distribution requirement), and independent operation (not controlled by a substantial contributor or family members) from the excise taxes on excess business holdings.

AI Summary

This bill amends the Internal Revenue Code to exempt private foundations from the tax on excess business holdings if certain requirements are met. Specifically, the bill exempts private foundations from this tax if the business enterprise is exclusively owned by the foundation, distributes all its net operating income to the foundation, and is independently operated (not controlled by substantial contributors or their family members). The amendments made by this bill apply to taxable years beginning after December 31, 2016.

Committee Categories

Budget and Finance

Sponsors (20)

David Reichert (R)*, Ken Calvert (R), Joe Courtney (D), Debbie Dingell (D), Elizabeth Esty (D), Rodney Frelinghuysen (R), Brian Higgins (D), Jim Himes (D), George Holding (R), Lynn Jenkins (R), Mike Kelly (R), Leonard Lance (R), John Larson (D), Jim McGovern (D), Bill Pascrell (D), Erik Paulsen (R), Tom Rice (R), Jason Smith (R), Patrick Tiberi (R), Dina Titus (D),

Last Action

Referred to the House Committee on Ways and Means. (on 06/23/2017)

Official Document

https://www.congress.gov/bill/115th-congress/house-bill/3035/all-info

(4 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/115th-congress/house-bill/3035/all-info
BillText	https://www.congress.gov/115/bills/hr3035/BILLS-115hr3035ih.pdf
Bill	https://www.congress.gov/115/bills/hr3035/BILLS-115hr3035ih.pdf.pdf

Bill	Bill Name	Last Action	Type
HR1	Tax Cuts and Jobs Act	Became Public Law No: 115-97. (TXT \| PDF)	Related
HRes619	Providing for consideration of the bill (H.B. 1) to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018, and providing for proceedings during the period from November 17, 2017, through November 27, 2017.	Motion to reconsider laid on the table Agreed to without objection.	Similar To
S1	Tax Cuts and Jobs Act Short Titles as Introduced for portions of this bill Tax Cuts and Jobs Act Official Titles Official Titles - Senate Official Titles as Introduced An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018.	Placed on Senate Legislative Calendar under General Orders. Calendar No. 269.	Related
S1343	Charities Helping Americans Regularly Throughout the Year Act of 2017	Read twice and referred to the Committee on Finance.	Related

Bill > HR3035

US HR3035

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (20)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary