To exempt longstanding nonfunctionally-integrated supporting organizations from certain provisions of the Pension Protection Act of 2006.
Referred to the House Committee on Ways and Means.
Congressional Research Service
Official summary
Version 00 · Introduced in House · Jun 10, 2008
Amends the Internal Revenue Code and the Pension Protection Act of 2006 to exempt certain long-standing, nonfunctionally-integrated fully-funded type III supporting organizations from requirements that: (1) impose a tax on their excess business holdings; and (2) oblige such organizations to make certain percentage payouts of income or assets to organizations they support (supported organizations).
Specifies such an exempt long-standing, nonfunctionally-integrated fully-funded type III supporting organization as one: (1) that was established before January 1, 1970, but has not accepted any substantial contributions after December 31, 1970; (2) none of whose donors was alive on August 17, 2006; and (3) none of whose organization managers is a family member of any donor.
No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Feb 7, 2024. Consult Congress.gov for the current record.
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