,,ib  ,union ,calendar ,no4 #cgj  #aacth
 ,,congress  #b;d ,session  ,h4 ,r4     
#dfia  ,report ,no4 #aac-dig  ,,in ,,the
 ,,house ,,of ,,representatives  ,may   
#bj1 #bjad ,mr4 ,paulsen 7for himself   
and ,mr4 ,danny ,k4 ,davis of ,illinois7
 introduced the following bill2 which   
was referred to the ,committee on ,ways 
and ,means  ,june #bf1 #bjad ,additional
 sponsor3 ,mr4 ,reed  ,june #bf1 #bjad  
,reported with an amendment1 committed  
to the ,committee of the ,whole ,house  
on the ,state of the ,union1 and ordered
 to be printed ,strike out all after the
 enacting clause and insert the part    
printed in italic  ,a ,,bill  ,to amend 
the ,internal ,revenue ,code of #aihf to
 modify the tax rate for excise tax on  
investment income of private            
foundations4  #a4 ,modification of the  
tax rate for the excise tax on          
investment income of private foundations
  7a7 ,in general ,section #didj7;a7 of 
the ,internal ,revenue ,code of #aihf is
 amended by striking #b percent and     

inserting #a percent4  7b7 ,elimination 
of reduced tax where foundation meets   
certain distribution requirements       
,section #didj of such ,code is amended 
by striking subsection 7e74  7c7        
,effective date ,the amendments made by 
this section shall apply to taxable     
years beginning after the date of the   
enactment of this ,act4  #a4 ,short     
title ,this ,act may be cited as the    
,private ,foundation ,excise ,tax       
,simplification ,act of #bjad4  #b4     
,modification of the tax rate for the   
excise tax on investment income of      
private foundations  7a7 ,in general    
,section #didj7;a7 of the ,internal     
,revenue ,code of #aihf is amended by   
striking #b percent and inserting #a    
percent4  7b7 ,elimination of reduced   
tax where foundation meets certain      
distribution requirements ,section #didj
 of such ,code is amended by striking   
subsection 7e74  7c7 ,effective date    
,the amendments made by this section    
shall apply to taxable years beginning  

after the date of the enactment of this 
,act4  ,june #bf1 #bjad ,reported with  
an amendment1 committed to the          
,committee of the ,whole ,house on the  
,state of the ,union1 and ordered to be 
printed