Philanthropic Facilitation Act

Summary

Philanthropic Facilitation Act This bill amends the Internal Revenue Code to: (1) expand the definition of, and requirements relating to, "program-related investments" made by private foundations to for-profit entities to further certain charitable purposes; (2) allow a judicial determination (i.e., declaratory judgment) as to whether investments in any entity qualify as program-related investments; (3) require expanded reporting by for-profit entities that receive program-related investments of their gross income, expenses, disbursements, and other information; and (4) allow public inspection of any petition seeking a determination that an investment by a private foundation is a program-related investment and of any information reported by organizations receiving program-related investments.

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Timeline

1. 19 November 2015

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 19 November 2015

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 19 November 2015 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 19 November 2015

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 19 November 2015

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 19 November 2015

  Open at official source

Sponsors

• Sen. Gardner, Cory [R-CO] · R · Sponsor
• Gary Peters · D · Sponsor
• · ssfi00 · Standing

Related records

• related to ← Rebuilding and Renewing Rural America Act of 2016