A bill to amend the Internal Revenue Code of 1954 to change the income distribution requirement for certain private operating foundations and to exempt certain private operating foundations from the excise tax on investment income.

Summary

Amends the Internal Revenue Code to lower the distribution requirements for operating private foundations for purposes of avoiding the excise tax on undistributed income. Allows certain libraries, museums, and nonprofit nursing homes to avoid the excise tax on investment income by electing higher distribution requirements.

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

Timeline

1. 11 February 1977

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 11 February 1977

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 11 February 1977

  Open at official source

Sponsors

• Sen. Durkin, John A. [D-NH] · D · Sponsor
• Sen. Dole, Robert J. [R-KS] · R · Cosponsor
• Sen. McIntyre, Thomas J. [D-NH] · D · Cosponsor
• · ssfi00 · Standing

Related records

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