Overview
On February 11, the Senate Finance Committee will hold a hearing to mark up a number of bills. Those bills of interest to exempt organizations are:
- A bill to provide special treatment for certain agricultural research organizations, similar to the present-law treatment for medical research organizations
- A bill that would create an exception to the private foundation excess business holdings rules for philanthropic business holdings that satisfy three tests: (1) an exclusive ownership requirement; (2) an “all profits to charity” requirement; and (3) an independent operation requirement
- A bill to require that the IRS notify an exempt organization prior to revoking its exemption for failure to file annual information returns
- A bill that clarifies a rule with respect to reimbursements under an employer-provided accident or health plan for medical care