H.R. 4953 — Introduced in House

I 116th CONGRESS 1st Session H. R. 4953 IN THE HOUSE OF REPRESENTATIVES October 31, 2019Mr. 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. 1. Short title This Act may be cited as the Private Foundation Excise Tax Simplification Act of 2019. 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.