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Mike Spector
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Republican Sen. Richard Burr of North Carolina also was expected to sign on to the measure, said a person familiar with the matter. A spokesman for Mr. Burr said he was reviewing the legislation and hadn't made a decision.
At issue is the current two-tiered excise tax on foundations' net-investment income. Though generally tax-exempt, foundations must pay a 2% tax on their net-investment income to cover Internal Revenue Service oversight costs. The tax falls to 1% in any year in which a foundation's percentage of distributions to charity exceeds its average percentage of distributions over the five preceding taxable years.
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