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H. Rept. 114-19 1 (2015-02-09)

handle is hein.congrecreports/crptxsxc0001 and id is 1 raw text is: AUTHENTICATEO U.S. GOVERNMENT INFORMATION Gp 114TH CONGRESS JREPT. 114 19 1st Session HOUSE OF REPRESENTATIVES Part 1 PRIVATE FOUNDATION EXCISE TAX SIMPLIFICATION ACT OF 2015 FEBRUARY 9, 2015.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. RYAN of Wisconsin, from the Committee on Ways and Means, submitted the following REPORT together with DISSENTING VIEWS [To accompany H.R. 640] [Including cost estimate of the Congressional Budget Office] The Committee on Ways and Means, to whom was referred the bill (H.R. 640) to amend the Internal Revenue Code of 1986 to mod- ify the tax rate for excise tax on investment income of private foun- dations, having considered the same, report favorably thereon with an amendment and recommend that the bill as amended do pass. CONTENTS Page I. SUMMARY AND BACKGROUND ............................................................... 2 A. Purpose and Sum m ary ..................................................................... 2 B. Background and Need for Legislation ............................................ 2 C. Legislative H istory ........................................................................... 3 II. EXPLANATION OF THE BILL ................................................................... 3 A. Modification of the Tax Rate for the Excise Tax on Investment Income of Private Foundations (sec. 4940 of the Code) ............... 3 III. VOTES OF THE COMMITTEE .................................................................... 4 IV. BUDGET EFFECTS OF THE BILL .......................................................... 5 A. Committee Estimate of Budgetary Effects ...................................... 5 B. Statement Regarding New Budget Authority and Tax Expendi- tures Budget Authority ................................................................. 6 C. Cost Estimate Prepared by the Congressional Budget Office ....... 6 V. OTHER MATTERS TO BE DISCUSSED UNDER THE RULES OF TH E H O U SE .............................................................................................. 8 A. Committee Oversight Findings and Recommendations ................. 8 B. Statement of General Performance Goals and Objectives ............. 8 49-006

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