A bill to amend the Internal Revenue Code of 1954 to provide that the 4-percent excise tax on the net investment income of a private foundation shall not apply to a private foundation organized and operated exclusively as a library, museum, or similar educational institution.

Summary

Amends the Internal Revenue Code to provide that the excise tax on the investment income of tax exempt foundations shall not apply to any private foundation organized and operated exclusively as a library, museum or similar educational institution, and which is not directly or indirectly controlled by substantial contributors or their families.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 19 January 1978

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 19 January 1978

   Introduced

   Introduced in House

   Source: IntroReferral

3. 19 January 1978

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 19 January 1978

  Open at official source

Sponsors

• Rep. Richmond, Frederick W. [D-NY-14] · D · Sponsor
• · hswm00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 to provide that the four-percent excise tax on the net investment income of a private foundation shall not apply to a private foundation organized and operated exclusively as a library, museum, or similar educational institution.