Code · BILL · 113th Congress · H.R. 1 (Introduced in House) — To amend the Internal Revenue Code of 1986 to provide for comprehensive tax reform. · Sec. 5204

Sec. 5204. Simplification of excise tax on private foundation investment income

60 words·~1 min read·/bill/113/hr/1/ih/section-5204

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Subsection

(a)of section 4940 is amended by striking 2 percent and inserting 1 percent . Section 4940 is amended by striking subsections

(d)and (e). Section 4945(d)(4)(A) is amended by striking clause

(iii)and by inserting or at the end of clause (i). The amendments made by this section shall apply to taxable years beginning after December 31, 2014.