H.R. 640 · 114th Congress
Private Foundation Excise Tax Simplification Act of 2015
- Stage
- Reported from committee
- Sponsor
- Erik Paulsen
- Introduced
- 2015-02-02
- Latest action
- 2015-02-09 · Reported (Amended) by the Committee on Ways and Means. H. Rept. 114-19, Part I.
Summary
Private Foundation Excise Tax Simplification Act of 2015
(Sec. 2) Amends the Internal Revenue Code to: (1) reduce from 2% to 1% the excise tax rate on the net investment income of tax-exempt private foundations, and (2) repeal the 1% reduction in such tax rate for private foundations that meet certain distribution requirements.
(Sec. 3) Excludes the budgetary effects of this Act from PAYGO scorecards.