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House Bill 4953
116th Congress(2019-2020)
Private Foundation Excise Tax Simplification Act of 2019
Introduced
Introduced
Introduced in House on Oct 31, 2019
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Introduced in House 
Oct 31, 2019
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Introduced in House(Oct 31, 2019)
Oct 31, 2019
Not Scanned for Linkage
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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H. R. 4953 (Introduced-in-House)


116th CONGRESS
1st Session
H. R. 4953


To amend the Internal Revenue Code of 1986 to modify the tax rate for excise tax on investment income of private foundations.

IN THE HOUSE OF REPRESENTATIVES

October 31, 2019

Mr. Danny K. Davis of Illinois (for himself and Mr. Holding) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to modify the tax rate for excise tax on investment income of private foundations.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Private Foundation Excise Tax Simplification Act of 2019”.

SEC. 2. Modification of the tax rate for the excise tax on investment income of private foundations.

(a) In general.—Section 4940(a) of the Internal Revenue Code of 1986 is amended by striking “2 percent” and inserting “1.39 percent”.

(b) Elimination of reduced tax where foundation meets certain distribution requirements.—Section 4940 of such Code is amended by striking subsection (e).

(c) Effective date.—The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.