Sen. Charles Grassley (R-Iowa), ranking member of the Senate Finance Committee, has issued a release citing a number of accomplishments in the area of oversight of exempt organizations since 2004. Among the provisions Grassley took credit for in the release was language in the American Jobs Creation Act of 2004 (Pub. L. No. 108-357) that attempts to end abuse by corporations that have been reducing their tax bills by hundreds of millions of dollars each year by taking intellectual property of little or no value and donating it to charity. Congress also has passed and the President signed several pieces of legislation that contain provisions to restrain exempt organization abuses related to tax shelters and the application of excise taxes to certain activities – such as high salaries and living allowances – by private foundations and foundation managers.