A bill to increase the period during which certain private foundations may continue to hold their May 26, 1969, interests in certain public utilities without being subject to the excise tax on excess business holdings.

[AI summary unavailable — showing source text] Permits a private foundation which acquired at least 50 percent of the voting stock of a qualified public utility on or before May 26, 1969, to hold such stock for a 20 year period from such date without being subject to the excise tax on excess business holdings. Stipulates that such foundation must have been incorporated on or before December 31, 1967, and have acquired the public utility stock by gift, devise, or bequest from an individual who is not an officer of the foundation nor has any family members who are officers.…