A bill to amend the Internal Revenue Code of 1954 to increase the amount of the stock which certain private foundations may hold in certain public utilities without being subject to the excise tax on excess business holdings.

Summary

Amends the Internal Revenue Code to increase, from 50 to 51 percent, the maximum amount of voting stock certain private foundations may own in certain public utilities without being subject to the excise tax on excess business holdings. Stipulates that such stock must have been held on May 26, 1969 and have been acquired by gift, devise, or bequest from an individual who is not an officer of the foundation nor has any family members who are officers.

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Documents

2 official files

• Passed House amended

  summary · EN · 1 August 1978

  Open at official source

• Introduced in House

  summary · EN · 24 February 1977

  Open at official source

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