A bill to authorize the Secretary of the Treasury to grant extensions of the five-year period within which private foundations must dispose of excess business holdings.

Summary

Amends the Internal Revenue Code to authorize the Secretary of the Treasury to grant one or more extensions of the five-year period within which tax-exempt private foundations must dispose of excess business holdings. Requires the Secretary in granting or denying an extension to consider, among other factors: (1) whether the private foundation has in good faith taken reasonable steps to dispose of such holdings throughout the initial five-year period; (2) whether orderly dispositon of such holdings can reasonably be expected to occur before the expiration of the extension period; and (3) all other facts and circumstances which the Secretary considers relevant. Requires that any extension so granted be no less than twenty-four months in duration.

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Timeline

1. 23 February 1983

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 23 February 1983

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 1 March 1983

   Committee

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

   Source: Committee

4. 7 June 1983

   Committee

   Subcommittee on Taxation and Debt Management. Hearings held. Hearings printed: S.Hrg. 98-319.

   Source: Committee

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 23 February 1983

  Open at official source

Sponsors

• Sen. Percy, Charles H. [R-IL] · R · Sponsor
• Sen. Dixon, Alan J. [D-IL] · D · Sponsor
• · ssfi00 · Standing

Related records

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