A bill to amend the Internal Revenue Code of 1954 with respect to certain charitable contributions.

Summary

Provides, under the Internal Revenue Code, that the initial tax on failure to distribute income shall not apply to the undistributed income of a private foundation for any taxable year for which it is an organization operating long-term care facilities. Defines the term "organization operating long-term care facilities" as a private foundation: (1) whose principal purpose is the long-term care, comfort or maintenance of resident permanently and totally disabled persons, elderly persons, needy widows, or children; and (2) which normally makes qualifying distributions.

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 Senate

  summary · EN · 8 May 1974

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.