HR 3035
115th Congress
House
Taxation
Business investment and capital
Sales and excise taxes
Social work, volunteer service, charitable organizations
Tax-exempt organizations
Philanthropic Enterprise Act of 2017
Introduced: June 23, 2017
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 23, 2017
Referred to the House Committee on Ways and Means.
Jun 23, 2017
Introduced in House
Plain-English summary
Philanthropic Enterprise Act of 2017
This bill amends the Internal Revenue Code to exempt the holdings of a private foundation in any business enterprise that meets 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.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1