S. 909
IntroducedPhilanthropic Enterprise Act of 2015
Latest Action
Placed on Senate Legislative Calendar under General Orders. Calendar No. 43.
4/14/2015 • Senate
Summary
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Philanthropic Enterprise Act of 2015
(Sec. 2) 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), and independent operation (i.e., not controlled by a substantial contributor or family members) from the excise tax on excess business holdings, in taxable years beginning after 2014. Makes such exemption inapplicable to donor advised funds or supporting organizations that are subject to excess business holdings rules and certain charitable and split interest trusts.
Reported to Senate without amendment • 4/14/2015
Topics & Subjects
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Bill Journey
Originated in the Senate
Introduced
April 14, 2015
Committee Review
April 14, 2015
Committee on Finance. Original measure reported to Senate by Senator Hatch. With written report No. 114-20.
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law