To amend the Internal Revenue Code of 1986 to modify the tax rate for excise tax on investment income of private foundations.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to: (1) reduce from 2% to 1.39% the excise tax rate on the net investment income of tax-exempt private foundations, and (2) repeal the 1% reduction in such tax rate for private foundations that meet certain distribution requirements.…