June 13, 2002 | Read Time: 1 minute
A panel of lawyers advising the Exempt Organizations Committee of the Section of Taxation of the American Bar Association is seeking comments on a draft of a proposal to revise federal rules for private foundations.
The draft report summarizes some of the “more important differences” in the way the tax law treats foundations and charities and recommends changes to “simplify and improve” current statutes and regulations.
Among the many proposals: repealing the 2-percent excise tax that private foundations currently pay on their net investment income.
To read the 34-page draft report, which includes instructions for submitting comments to the report’s authors, go to http://philanthropy.com/free/articles/v14/i17/1417task_force.htm.
