A bill to amend section 4940 of the Internal Revenue Code of 1954 to change the name of the amount imposed thereby on certain investment income from excise tax to service charge, and to reduce such amount from 4 percent to 1 1/2 percent.

[AI summary unavailable — showing source text] Redefines the excise tax imposed under the Internal Revenue Code on specified investment income of private foundations from "excise tax" to "service charge". Reduces such tax from 4 percent to 1 1/2 percent.…