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S. Rept. 114-20 1 (2015-04-14)

handle is hein.congrecreports/crptxsev0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP Calendar No. 43 114TH CONGRESS REPORT 1st Session SENATE 114-20 PHILANTHROPIC ENTERPRISE ACT OF 2015 APRIL 14, 2015.-Ordered to be printed Mr. HATCH, from the Committee on Finance, submitted the following REPORT [To accompany S. 909] The Committee on Finance, having considered an original bill, S. 909, to amend the Internal Revenue Code of 1986 to exempt pri- vate foundations from the tax on excess business holdings in the case of certain philanthropic enterprises which are independently supervised, and for other purposes, having considered the same, re- ports favorably thereon without amendment and recommends that the bill do pass. CONTENTS Page I. LEGISLATIVE BACKGROUND ..................................................................... 1 II. EXPLANATION OF THE BILL .................................................................... 2 A. Provide an Exception to the Private Foundation Excess Business Holdings Rules for Certain Philanthropic Business Holdings (sec. 2 of the bill and sec. 4943 of the Code) ............................................ 2 III. BUDGET EFFECTS OF THE BILL ............................................................... 5 IV. VOTES OF THE COMM ITTEE ..................................................................... 6 V. REGULATORY IMPACT AND OTHER MATTERS .................................... 6 VI. CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED 7 I. LEGISLATIVE BACKGROUND The Committee on Finance, having considered S. 909, the Phil- anthropic Enterprise Act of 2015, to amend the Internal Revenue Code of 1986 to exempt private foundations from the tax on excess business holdings in the case of certain philanthropic enterprises which are independently supervised, and for other purposes, re- ports favorably thereon without amendment and recommends that the bill do pass. 49-010

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