H.R. 4691 — Introduced in House

I 113th CONGRESS 2d Session H. R. 4691 IN THE HOUSE OF REPRESENTATIVES May 20, 2014 Mr. Paulsen (for himself and Mr. Danny K. Davis of Illinois) 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. 1. 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 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.