PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Congressional Research Service
Version 00 · Introduced in Senate · May 28, 2010
Amends the Pension Protection Act of 2006 to exempt certain type III supporting organizations from the payout requirements that such organizations, to stay exempt from federal taxation, must make distributions of a percentage of either income or assets to supported organizations in order to ensure that a significant amount is paid to such organizations.
Limits such exemption to type III supporting organizations classified as such before August 17, 2006, no substantial contributor to which was alive on such date, and having no family member of a substantial contributor as an organization manager or a borrower or lessee of property from the organization, if either: (1) the organization has not accepted any contribution from a substantial contributor after December 31, 1970, other than by operation of the creator's will or other gift instrument executed before December 31, 1970; or (2) the organization normally distributes each year, to keep its tax exemption, at least 85% of its adjusted net income for the immediately preceding year and holds 30% or more of the reasonably estimated value of its total assets, other than those used or held for use directly in carrying out one or more specified religious, charitable, scientific, literary, educational, or related purposes, in the form of assets for which market quotations are not readily available but which normally produce gross investment income.
People & committees
Sen. Nelson, Bill [D-FL] · D–FL
Legislative record
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Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Introduced in Senate
Primary sources
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Source last updated: Apr 21, 2025. Consult Congress.gov for the current record.
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