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S 593 IS
112th CONGRESS
1st Session
S. 593
To amend the Internal Revenue Code of 1986 to modify the tax rate for excise tax on investment income of private foundations.
IN THE SENATE OF THE UNITED STATES
March 16, 2011
Mr. SCHUMER (for himself, Mr. BURR, Ms. STABENOW, Mr. ISAKSON, Mr. LEVIN, Mr. CHAMBLISS, Mr. BEGICH, Ms. MURKOWSKI, Mrs. GILLIBRAND, Mr. INOUYE, Mrs. HAGAN, and Ms. SNOWE) introduced the following bill; which was read twice and referred to the Committee on Finance
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. MODIFICATION OF THE TAX RATE FOR THE EXCISE TAX ON INVESTMENT INCOME OF PRIVATE FOUNDATIONS.
(a) In General- Subsection (a) of section 4940 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 the Internal Revenue Code of 1986 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.
U.S. Congress - Text of S.593 as Introduced in Senate A bill to amend the Internal Revenue Code of 1986 to modify the tax rate for excise tax...
