Private Foundation Excise Tax Simplification Act of 2015
Latest action · Feb 9, 2015 Placed on the Union Calendar, Calendar No. 13.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 2, 2015
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 3
Members who signed on, in the order they did. Signatures ran from Feb 2, 2015 to Feb 3, 2015; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-IL | Danny K. Davis | Original | Feb 2, 2015 |
| R-PA | Ryan A. Costello | Feb 3, 2015 | |
| R-NY | Tom Reed | Feb 3, 2015 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Feb 2, 2015Reported Feb 9, 2015 |
| House | Budget Committee | Referred Feb 2, 2015Discharged Feb 9, 2015 |
Actions 6
Everything that happened, newest first.
- Feb 9, 2015Reported (Amended) by the Committee on Ways and Means. H. Rept. 114-19, Part I.
- Feb 9, 2015Committee on the Budget discharged.
- Feb 9, 2015Placed on the Union Calendar, Calendar No. 13.
- Feb 4, 2015Ordered to be Reported (Amended) by the Yeas and Nays: 24 - 14.
- Feb 2, 2015Introduced in House
- Feb 2, 2015Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimate
- Feb 6, 2015H.R. 640, Private Foundation Excise Tax Simplification Act of 2015As ordered reported by the House Committee on Ways and Means on February 4, 2015
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 161, no. 17, February 2, 2015, page H704.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R43517 | Recently Expired Charitable Tax Provisions (“Tax Extenders”): In Brief Archived | Report | Jan 15, 2016 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2750 | Charities Helping Americans Regularly Throughout the Year Act | Related bill | Apr 6, 2016 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to modify the tax rate for excise tax on investment income of private foundations.
- Short Titles as Reported to House
- Private Foundation Excise Tax Simplification Act of 2015
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 2
Each version as it was printed, newest first.
- Feb 9, 2015Reported in House
- Feb 2, 2015Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
