S.Amdt. 4310

SA 4310. Mr. SCHUMER (for himself, Ms. Stabenow, Mr. Levin, Mr.
Isakson, and Mr. Chambliss) submitted an amendment intended to be
proposed to amendment SA 4301 proposed by Mr. Baucus to the bill H.R.
4213, to amend the Internal Revenue Code of 1986 to extend certain
expiring provisions, and for other purposes; which was ordered to lie
on the table; as follows:

At the end of title VI, insert the following:

SEC. 6__. MODIFICATION OF EXCISE TAX ON INVESTMENT INCOME OF
PRIVATE FOUNDATIONS.

(a) In General.--Subsection (a) of section 4940 of the
Internal Revenue Code of 1986 is amended by inserting ``(1.39
percent in the case of taxable years beginning before January
1, 2015)'' after ``2 percent''.
(b) Temporary Elimination of Reduced Tax Where Foundation
Meets Certain Distribution Requirements.--Subsection (e) of
section 4940 of such Code is amended by adding at the end the
following new paragraph:
``(7) Application.--Paragraph (1) shall not apply for any
taxable year beginning after December 31, 2009, and before
January 1, 2015.''.
(c) Study.--Not later than December 31, 2013, the Secretary
of the Treasury shall conduct and submit to the Congress a
study which examines the effect of the change in the rate of
tax under section 4940 of the Internal Revenue Code of 1986
(as amended by this section) has on the level of grantmaking
by private foundations.
(d) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2009.
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