S.Amdt. 229

SA 229. Mr. SCHUMER submitted an amendment intended to be proposed to
amendment SA 98 proposed by Mr. Inouye (for himself and Mr. Baucus) to
the bill H.R. 1, making supplemental appropriations for job
preservation and creation, infrastructure investment, energy efficiency
and science, assistance to the unemployed, and State and local fiscal
stabilization, for fiscal year ending September 30, 2009, and for other
purposes; which was ordered to lie on the table; as follows:

On page 570, between lines 8 and 9, insert the following:

SEC. ____. MODIFICATION OF THE TAX RATE FOR THE EXCISE TAX ON
INVESTMENT INCOME OF PRIVATE FOUNDATIONS.

(a) In General.--Subsection (a) of section 4940 is amended
by striking ``2 percent'' and inserting ``1.33 percent''.
(b) Elimination of Reduced Tax Where Foundation Meets
Certain Distribution Requirements.--Section 4940 is amended
by striking subsection (e).
(c) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after the date of the
enactment of this Act.
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