House Proposal Would Simplify Foundation Excise-Tax Rate - Government & Politics Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas

House Proposal Would Simplify Foundation Excise-Tax Rate - Government & Politics Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: "House Proposal Would Simplify Foundation Excise-Tax Rate

June 24, 2011, 1:14 pm

By Lisa Chiu

House lawmakers have introduced a bill that would change the way private foundations pay taxes on their investment income by creating a flat tax rate.

The bill—which was introduced by Rep. Erik Paulsen, a Minnesota Republican, and Danny Davis, an Illinois Democrat—has the same language as proposed legislation that Sen. Charles Schumer, Democrat of New York, introduced in the Senate in March."