H.R. 5007

Referred to Committee

Philanthropic Enterprise Act of 2016

Introduced 4/20/2016•114th Congress•House

Latest Action

Referred to the House Committee on Ways and Means.

4/20/2016 • House

Summary

Philanthropic Enterprise Act of 2016

This bill amends the Internal Revenue Code to exempt the holdings of a private foundation in any business enterprise that meet specified requirements relating to exclusive ownership, minimum distribution of net operating income for the charitable purpose (all profits to charity distribution requirement), and independent operation (not controlled by a substantial contributor or family members) from the excise taxes on excess business holdings.

Introduced in House • 4/20/2016

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Topics & Subjects

Policy Area: Taxation

Business investment and capitalSales and excise taxesSocial work, volunteer service, charitable organizationsTax-exempt organizations

Congressional Votes (0)

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Related Federal Spending

Sponsor & Cosponsors (16)

Party Breakdown

6

Democrats

10

Republicans

0

Independents

Sponsor

R[

Rep. Reichert, David G. [R-WA-8]

Republican • WA-8

Sponsored 4/20/2016

Cosponsors (15)

R[

Rep. Larson, John B. [D-CT-1]

D-CT-1

Joined 4/20/2016

R[

Rep. Tiberi, Patrick J. [R-OH-12]

R-OH-12

Joined 4/20/2016

R[

Rep. Neal, Richard E. [D-MA-1]

D-MA-1

Joined 4/20/2016

R[

Rep. Paulsen, Erik [R-MN-3]

R-MN-3

Joined 4/20/2016

R[

Rep. Holding, George [R-NC-13]

R-NC-13

Joined 4/20/2016

R[

Rep. Smith, Jason [R-MO-8]

R-MO-8

Joined 4/20/2016

Bill Journey

Originated in the House

Introduced

April 20, 2016

Referred to the House Committee on Ways and Means.

Committee Review

Floor Debate

Passed Chamber

Other Chamber

President

Enacted into Law

Text Versions (1)

Introduced in House4/20/2016

Formatted Text PDF Formatted XML

Related Bills (4)

H.R. 3732

Philanthropic Enterprise Act of 2015

RelatedView bill →

S. 2750

Charities Helping Americans Regularly Throughout the Year Act

RelatedView bill →

H.R. 3035

Philanthropic Enterprise Act of 2017

RelatedView bill →

S. 909

Philanthropic Enterprise Act of 2015

RelatedView bill →

Committee

Ways and Means Committee

House

View committee →

Details

Bill TypeHR

Current StatusReferred to Committee

Cosponsors15

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