H.R. 5007 · 114th Congress
Philanthropic Enterprise Act of 2016
- Stage
- In committee
- Sponsor
- David Reichert
- Introduced
- 2016-04-20
- Latest action
- 2016-04-20 · Introduced in House
Summary
Philanthropic Enterprise Act of 2016
This bill 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 distribution requirement), and independent operation (not controlled by a substantial contributor or family members) from the excise taxes on excess business holdings.