A bill to provide that the penalty tax under section 4945 of the Internal Revenue Code of 1954 shall not apply to certain organizations solely by reason of the failure to receive advance approval of procedures for making scholarship grants.

Summary

Provides that the ten percent penalty tax on taxable expenditures of private foundations shall not apply by reason of the failure to receive advance approval of procedures for making scholarship grants to an organization which: (1) was founded in 1881; (2) provides care and education for destitute and deserving orphan and needy children; and (3) during 1968 promulgated a plan for scholarship assistance and student emergency services program in conjunction with a county board of education.

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

Timeline

1. 18 June 1985

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 18 June 1985

   Introduced

   Introduced in House

   Source: IntroReferral

3. 18 June 1985

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 18 June 1985

  Open at official source

Sponsors

• Rep. Byron, Beverly B. [D-MD-6] · D · Sponsor
• · hswm00 · Standing

Related records

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