House Bill 3035
115th Congress(2017-2018)
Philanthropic Enterprise Act of 2017
Introduced
Introduced in House on Jun 23, 2017
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3035
Congress
115
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
No House votes have been held for this bill.
Summary
Philanthropic Enterprise Act of 2017
This bill amends the Internal Revenue Code to exempt the holdings of a private foundation in any business enterprise that meets 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.
June 23, 2017
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06/23/2017
Referred to the House Committee on Ways and Means.
06/23/2017
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:37:46 PM