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United States · Bill · S

S. 1857 (98th)

A bill to amend the Internal Revenue Code of 1954 to remove certain impediments to the effective philanthropy of private foundations.

openUnited States· United States Congress· EN

Introduced

20 September 1983

Last action

24 February 1984 · Committee

Status

Subcommittee on Taxation and Debt Management. Hearings held. Hearings printed: S.Hrg. 98-843.

Sponsors

Sen. Durenberger, Dave [R-MN], Sen. Moynihan, Daniel Patrick [D-NY], Sen. Bradley, Bill [D-NJ], Sen. Matsunaga, Spark M. [D-HI], Sen. Lugar, Richard G. [R-IN], Sen. Packwood, Bob [R-OR], Sen. Tsongas, Paul E. [D-MA], Sen. D'Amato, Alfonse [R-NY], Sen. Riegle, Donald W., Jr. [D-MI], Sen. Heinz, John [R-PA], Sen. Mitchell, George J. [D-ME], Sen. Levin, Carl [D-MI], Sen. Boschwitz, Rudy [R-MN]

Subjects

Taxation

Source updated

3 January 2025

Taxation

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to allow income tax deductions for contributions to private foundations on the same basis as contributions to public charities (deductible up to 50 percent of the taxpayer's adjusted gross income). Redefines "lineal descendants" to include only children and grandchildren, for purposes of private foundation penalty tax rules dealing with substantial contributors. Provides that private foundation gifts to public charities do not forfeit their tax deductibility due to the disqualification of the charity's tax exemption if: (1) the gift is made before the Secretary of the Treasury publishes a notice of disqualification or before the foundation receives actual notice of disqualification; (2) and the foundation was not responsible or aware of the charity's change in status. Exempts a private foundation from expenditure responsibility requirements if such foundation and all related foundations contribute no more than $25,000 in grants during a taxable year. Permits the Secretary to abate first tier penalty taxes on private foundations if it is determined that a violation of private foundation rules was due to a reasonable cause and not to intentional disregard to rules and regulations, and was corrected within the statutory correction period.

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

Timeline

  1. 20 September 1983

    Introduced

    Introduced in Senate

    Source: IntroReferral

  2. 20 September 1983

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  3. 26 September 1983

    Committee

    Committee on Finance requested executive comment from OMB, Treasury Department.

    Source: Committee

  4. 24 February 1984

    Committee

    Subcommittee on Savings, Pensions, and Investment. Hearings held. Hearings printed: S.Hrg. 98-843.

    Source: Committee

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

Leesvertaling

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Sponsors

Related records

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Sources

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