S 593
112th Congress
Senate
Taxation
Financial services and investments
Sales and excise taxes
Tax-exempt organizations
A bill to amend the Internal Revenue Code of 1986 to modify the tax rate for excise tax on investment income of private foundations.
Introduced: March 16, 2011
Introduced by:
Schumer, Charles E.
Democratic
· New York
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 16, 2011
Read twice and referred to the Committee on Finance.
Mar 16, 2011
Introduced in Senate
Plain-English summary
Amends the Internal Revenue Code to: (1) reduce from 2% to 1.39% 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.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1