A bill to amend the Internal Revenue Code of 1954 to modify the requirements regarding private operating foundations.

Summary

Amends the Internal Revenue Code to change the definition of an operating foundation with respect to qualifying distributions from such foundation's minimum investment return by substituting the criteria that qualifying distributions shall be three percent of the excess of the fair market value of the assets not used in the foundation's charitable activities less the acquisition indebtedness with respect to such asset. Imposes a tax on tax-exempt foundations at a rate of four percent of the net investment income of nonoperating foundations and a rate of two percent of the net investment income of operating foundations.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

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

Documents

2 official files

• Reported to House with amendment(s)

  summary · EN · 27 September 1976

  Open at official source

• Introduced in House

  summary · EN · 26 January 1976

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.