Private Foundation Excise Tax

Washington Snapshot - July 25, 2014

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In this week's Washington Snapshot: Just Announced: August Recess Toolkit; Recap: House Passes America Gives More Act of 2014; Next Steps on Tax Extenders; Chairman Wyden Restates Commitment to Tax Reform; NEW in Snapshot: Trending in Council Legal Affairs; The IRS Can Read Minds: “Gifts” of Real Property; PACE Report on Transparency and Accountability; Upcoming NASCO Conference; Rocky Mountain Tax Seminar

House Ways and Means Committee Passes Key Measures in Support of Philanthropy

Today, the House Ways and Means Committee met to markup several important bills focused on the charitable sector. One bill would make the charitable “tax extenders”—including the IRA charitable rollover—permanent law. Another would simplify the private foundation excise tax on investment income to a single rate of 1%. The Council has already expressed support for both of these measures. All five bills were passed out of the Committee and will now face a full House of Representatives vote.

In this week's Washington Snapshot: Just Announced: August Recess Toolkit; Recap: House Passes America Gives More Act of 2014; Next Steps on Tax Extenders; Chairman Wyden Restates Commitment to Tax Reform; NEW in Snapshot: Trending in Council Legal A
Today, the House Ways and Means Committee met to markup several important bills focused on the charitable sector. One bill would make the charitable “tax extenders”—including the IRA charitable rollover—permanent law.
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