To exempt longstanding nonfunctionally-integrated supporting organizations from certain provisions of the Pension Protection Act of 2006.

Summary

Amends the Internal Revenue Code and the Pension Protection Act of 2006 to exempt certain long-standing, nonfunctionally-integrated fully-funded type III supporting organizations from requirements that: (1) impose a tax on their excess business holdings; and (2) oblige such organizations to make certain percentage payouts of income or assets to organizations they support (supported organizations). Specifies such an exempt long-standing, nonfunctionally-integrated fully-funded type III supporting organization as one: (1) that was established before January 1, 1970, but has not accepted any substantial contributions after December 31, 1970; (2) none of whose donors was alive on August 17, 2006; and (3) none of whose organization managers is a family member of any donor.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 10 June 2008

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• Introduced in House (PDF)

  Introduced in House · EN · 10 June 2008

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• Introduced in House

  summary · EN · 10 June 2008

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