December 10, 2009
Bill Would Simplify Foundation Taxes
Courtesy of U.S. Rep. John Lewis
U.S. Rep. John Lewis, D-Ga.
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Courtesy of U.S. Rep. John Lewis
U.S. Rep. John Lewis, D-Ga.
Members of the U.S. House of Representatives have proposed a bill that would simplify the tax code for foundations, a move they say would encourage grant makers to give more during the economic downturn.
The bill, HR 4090 — which is similar to Senate legislation, S 676, proposed in March — would change the way foundations pay excise tax on net investment income.
Foundations currently are subject to a 2-percent or a 1-percent tax. They can qualify for the
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