; and (C) by adding at the end the following new paragraphs: (4) list the total number of such funds which were in existence for the 36-month period ending at the close of such taxable year, (5) list the total number of funds described in paragraph (4) which made at least 1 grant during the period described in such paragraph, and (6) set forth— (A) whether such organization has a publicly available policy with respect to funds which are inactive, dormant, or do not make distributions during the period described in paragraph (4), (B) a description of the organization's policy for responding to funds described in subparagraph (A) or a statement that no such policy is in effect, and (C) whether such organization regularly and consistently monitors and enforces compliance with the policy described in subparagraph (A) with respect to such funds. . (2) Effective date The amendment made by this subsection shall apply to returns for taxable years beginning after December 31, 2017. 7. Modification of the tax rate for the excise tax on investment income of private foundations (a) In general Section 4940(a) of the Internal Revenue Code of 1986 is amended by striking 2 percent and inserting 1 percent . (b) Elimination of reduced tax where foundation meets certain distribution requirements Section 4940 of such Code is amended by striking subsection (e). (c) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act. 8. Exception from private foundation excess business holdings tax for certain philanthropic business holdings (a) In general Section 4943 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (g) Exception for certain philanthropic business holdings (1) In general Subsection (a) shall not apply with respect to the holdings of a private foundation in any business enterprise which for the taxable year meets— (A) the exclusive ownership requirements of paragraph (2), (B) the all profits to charity