A bill to increase the period during which certain private foundations may continue to hold their May 26, 1969, interests in certain public utilities without being subject to the excise tax on excess business holdings.

Summary

Permits a private foundation which acquired at least 50 percent of the voting stock of a qualified public utility on or before May 26, 1969, to hold such stock for a 20 year period from such date without being subject to the excise tax on excess business holdings. Stipulates that such foundation must have been incorporated on or before December 31, 1967, and have acquired the public utility stock by gift, devise, or bequest from an individual who is not an officer of the foundation nor has any family members who are officers.

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

1 official file

• Introduced in House

  summary · EN · 15 January 1979

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.