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RCP Congressional Bill Tracker - H.R. 640

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H.R. 640: Private Foundation Excise Tax Simplification Act of 2015

Title: Private Foundation Excise Tax Simplification Act of 2015

Introduced: Feb 2, 2015 (114th Congress)

Sponsor: Rep. Erik Paulsen [R-MN3]

Status: Reported by Committee - Placed on the Union Calendar, Calendar No. 13.

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.

Votes


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