A bill to amend the Internal Revenue Code of 1954 to permit the Secretary of the Treasury to extend, under certain circumstances, the 5-year period within which private foundations must dispose of excess business holdings.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to authorize the Secretary of the Treasury to grant one or more extensions of the five-year period within which tax-exempt private foundations must dispose of excess business holdings. Requires the Secretary, in granting or denying an extension, to consider, among other factors: (1) whether the private foundation has in good faith taken reasonable steps to dispose of such holdings throughout the initial five-year period; (2) whether orderly disposition of such holdings can reasonably be expected to occur before the expiration of the extension period; and (3) all other facts and circumstances which the Secretary considers relevant. Requires that the extension so granted be no less than 24 months in duration.…