A bill to amend section 4940 of the Internal Revenue Code of 1954 to change the name of the amount imposed thereby on certain investment income from "excise tax" to "service charge", and to reduce such amount from 4 to 1 1/2 percent.

referredUnited States· United States Congress· EN

Introduced

7 February 1973

Last action

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Status

Referred to House Committee on Ways and Means.

Summary

Redefines the excise tax imposed under the Internal Revenue Code of 1954 on specified investment income of private foundations from "excise tax" to "service charge". Reduces such tax in amount from 14 percent to 1 1/2 percent. (Amends 26 U.S.C. 4940)

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Documents

1 official file

Introduced in House
summary · EN · 7 February 1973
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/93rd-congress/house-bill/3941
Open data entity: https://api.congress.gov/v3/bill/93/hr/3941