HR 4090
111th Congress
House
Taxation
Financial services and investments
Sales and excise taxes
Tax-exempt organizations
To amend the Internal Revenue Code of 1986 to modify the rate of the excise tax on investment income of private foundations, and for other purposes.
Introduced: November 17, 2009
Introduced by:
Davis, Danny K.
Democratic
· Illinois
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 17, 2009
Introduced in House
Nov 17, 2009
Referred to the House Committee on Ways and Means.
Plain-English summary
Amends the Internal Revenue Code to: (1) reduce between 2010 and 2015 the excise tax rate on the net investment income of tax-exempt private foundations from 2 to 1.32%; and (2) suspend between 2010 and 2015 the 1% reduction in such tax rate for private foundations that meet certain distribution requirements.
Directs the Secretary of the Treasury to conduct and submit to Congress by December 31, 2013, a study which examines the effect of the tax rate changes of this Act on the level of grantmaking by private foundations.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1