US Congress Senate Bill 909 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on April 14 2015 - 25% progression, died in chamber
Action: 2015-04-14 - Placed on Senate Legislative Calendar under General Orders. Calendar No. 43.
Text: Latest bill text (Introduced) [PDF]

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.

Philanthropic Enterprise Act of 2015

Sen. Orrin Hatch [R-UT]

Date	Chamber	Action
2015-04-14	Senate	Placed on Senate Legislative Calendar under General Orders. Calendar No. 43.
2015-04-14	Senate	Committee on Finance. Original measure reported to Senate by Senator Hatch. With written report No. 114-20.

HB3732 (Related) 2015-10-09 - Referred to the House Committee on Ways and Means.
SB2750 (Related) 2016-04-06 - Read twice and referred to the Committee on Finance.
HB5007 (Related) 2016-04-20 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/909/all-info
Text	https://www.congress.gov/114/bills/s909/BILLS-114s909pcs.pdf