To amend the Internal Revenue Code of 1986 to exempt private foundations from the tax on excess business holdings in the case of certain philanthropic enterprises which are independently supervised, and for other purposes.
USA115th CongressHR-3035| House
| Updated: 6/23/2017
David G. Reichert
Republican Representative
Washington
Cosponsors (19)
Erik Paulsen (Republican)Brian Higgins (Democratic)Joe Courtney (Democratic)Lynn Jenkins (Republican)Dina Titus (Democratic)Debbie Dingell (Democratic)Leonard Lance (Republican)Ken Calvert (Republican)Jason Smith (Republican)Elizabeth H. Esty (Democratic)John B. Larson (Democratic)Mike Kelly (Republican)Tom Rice (Republican)James A. Himes (Democratic)Patrick J. Tiberi (Republican)James P. McGovern (Democratic)Rodney P. Frelinghuysen (Republican)George Holding (Republican)Bill Pascrell (Democratic)
Ways and Means Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
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.
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Timeline
Introduced in House
Referred to the House Committee on Ways and Means.
Taxation
Business investment and capitalSales and excise taxesSocial work, volunteer service, charitable organizationsTax-exempt organizations
To amend the Internal Revenue Code of 1986 to exempt private foundations from the tax on excess business holdings in the case of certain philanthropic enterprises which are independently supervised, and for other purposes.
USA115th CongressHR-3035| House
| Updated: 6/23/2017
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.
View Full TextSuggested Questions
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Timeline
Introduced in House
Referred to the House Committee on Ways and Means.
David G. Reichert
Republican Representative
Washington
Cosponsors (19)
Erik Paulsen (Republican)Brian Higgins (Democratic)Joe Courtney (Democratic)Lynn Jenkins (Republican)Dina Titus (Democratic)Debbie Dingell (Democratic)Leonard Lance (Republican)Ken Calvert (Republican)Jason Smith (Republican)Elizabeth H. Esty (Democratic)John B. Larson (Democratic)Mike Kelly (Republican)Tom Rice (Republican)James A. Himes (Democratic)Patrick J. Tiberi (Republican)James P. McGovern (Democratic)Rodney P. Frelinghuysen (Republican)George Holding (Republican)Bill Pascrell (Democratic)
Ways and Means Committee
Taxation
Related Bills
- HR 115-1: An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018.
- S 115-1: An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018.
- S 115-1343: A bill to amend the Internal Revenue Code to extend and modify certain charitable tax provisions.
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Business investment and capitalSales and excise taxesSocial work, volunteer service, charitable organizationsTax-exempt organizations