A bill to amend section 4942 (g) (2) of the Internal Revenue Code of 1954 relating to the definition of qualifying distribution of private jurisdictions.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to eliminate the requirement that amounts set-aside by a private foundation for a specific project receive the approval of the Internal Revenue Service in order to be treated as qualifying distributions by the foundation making the set-aside.…