A bill to amend the Internal Revenue Code of 1954 to exempt holdings in independent local newspapers from taxes on excess business holdings of private foundations.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exempt private foundations which hold interest in independent local newspapers from the tax on excess business interests with respect to such holdings. Defines "independent local newspaper" as a newspaper publication which is not one of a chain of newspaper publications and which has all of its publishing offices in a single area.…