A bill to amend the Internal Revenue Code of 1954 to make certain changes in the tax treatment of private foundations.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide that the income tax deduction for charitable contributions to private foundations shall be the same as the deduction allowed for contributions to public charities (50 percent of taxpayer adjusted gross income). Eliminates distinctions between public charities and private foundations for purposes of the tax deduction for charitable contributions. Exempts grants made to charitable organizations by a private foundation from the excise tax penalties on private foundation taxable expenditures, if the foundation making the grant has not made grants to the organization in excess of $15,000 during the calendar year. Permits the abatement of excise tax penalties imposed on private foundations if the Secretary of the Treasury determines that the activity giving rise to the tax penalty was due to reasonable cause and not to intentional disregard of rules and regulations, and was corrected within the specified time period for corrections. Redefines "members of family" for purposes of identifying disqualified persons under the private foundation self- dealing rules, to include the individual's spouse, ancestors, and children, and the spouses of the in…