HR 5007 · 114th Congress · Taxation

Philanthropic Enterprise Act of 2016

Introduced 2016-04-20· Sponsored by Rep. Reichert, David G. [R-WA-8]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the House Committee on Ways and Means.(2016-04-20)

Plain Language Summary

[AI summary unavailable — showing source text] 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.…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (15)

6 Democrats9 Republicans
Rep. Larson, John B. [D-CT-1]CT
Rep. Tiberi, Patrick J. [R-OH-12]OH
Rep. Neal, Richard E. [D-MA-1]MA
Rep. Paulsen, Erik [R-MN-3]MN
Rep. Holding, George [R-NC-13]NC
Rep. Smith, Jason [R-MO-8]MO
Rep. Esty, Elizabeth H. [D-CT-5]CT
Rep. Byrne, Bradley [R-AL-1]AL
Rep. Himes, James A. [D-CT-4]CT
Rep. McGovern, James P. [D-MA-2]MA
Rep. Cohen, Steve [D-TN-9]TN
Rep. Kelly, Mike [R-PA-3]PA
Rep. Boustany, Charles W., Jr. [R-LA-3]LA
Rep. Rice, Tom [R-SC-7]SC
Rep. Lance, Leonard [R-NJ-7]NJ