S. 3453: A bill to provide an exception from the payout requirements established for certain section 501(c)(3) type III supporting organizations under section 1241(d) of the Pension Protection Act of 2006.

S. 3453: A bill to provide an exception from the payout requirements established for certain section 501(c)(3) type III supporting organizations under section 1241(d) of the Pension Protection Act of 2006.

111th Congress · introduced 2010-05-28 · Labor and Employment · Latest: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

federal

Follow this bill, step by step

Where it came from: introduced 2010-05-28 · official record
Who proposed it: Sen. Nelson, Bill [D-FL] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

A bill to provide an exception from the payout requirements established for certain section 501(c)(3) type III supporting organizations under section 1241(d) of the Pension Protection Act of 2006.

Plain summary

Amends the Pension Protection Act of 2006 to exempt certain type III supporting organizations from the payout requirements that such organizations, to stay exempt from federal taxation, must make distributions of a percentage of either income or assets to supported organizations in order to ensure that a significant amount is paid to such organizations. Limits such exemption to type III supporting organizations classified as such before August 17, 2006, no substantial contributor to which was alive on such date, and having no family member of a substantial contributor as an organization manager or a borrower or lessee of property from the organization, if either: (1) the organization has not accepted any contribution from a substantial contributor after December 31, 1970, other than by operation of the creator's will or other gift instrument executed before December 31, 1970; or (2) the organization normally distributes each year, to keep its tax exemption, at least 85% of its adjusted net income for the immediately preceding year and holds 30% or more of the reasonably estimated value of its total assets, other than those used or held for use directly in carrying out one or more specified religious, charitable, scientific, literary, educational, or related purposes, in the form of assets for which market quotations are not readily available but which normally produce gross investment income.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

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If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

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What does this mean? (plain words)

Official text

A bill to provide an exception from the payout requirements established for certain section 501(c)(3) type III supporting organizations under section 1241(d) of the Pension Protection Act of 2006.

Source: Congressional Research Service summary (Introduced in Senate)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Nelson, Bill [D-FL] · 2 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Exemption: A rule that removes certain people, property or activities from a tax or requirement.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-111s3453.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/111/s>

Record fed-us-cong111-s3453 · catalog fed-us-congress-bills-cong111 · updated 2026-11-15 by psicol fed-bills-cong111