H.R. 6227 · 110th Congress
To exempt longstanding nonfunctionally-integrated supporting organizations from certain provisions of the Pension Protection Act of 2006.
- Stage
- In committee
- Sponsor
- John Lewis
- Introduced
- 2008-06-10
- Latest action
- 2008-06-10 · Introduced in House
Summary
Amends the Internal Revenue Code and the Pension Protection Act of 2006 to exempt certain long-standing, nonfunctionally-integrated fully-funded type III supporting organizations from requirements that: (1) impose a tax on their excess business holdings; and (2) oblige such organizations to make certain percentage payouts of income or assets to organizations they support (supported organizations).
Specifies such an exempt long-standing, nonfunctionally-integrated fully-funded type III supporting organization as one: (1) that was established before January 1, 1970, but has not accepted any substantial contributions after December 31, 1970; (2) none of whose donors was alive on August 17, 2006; and (3) none of whose organization managers is a family member of any donor.