A bill to provide that the penalty tax under section 4945 of the Internal Revenue Code of 1954 shall not apply to certain organizations solely by reason of the failure to receive advance approval of procedures for making scholarship grants.

[AI summary unavailable — showing source text] Provides that the ten percent penalty tax on taxable expenditures of private foundations shall not apply by reason of the failure to receive advance approval of procedures for making scholarship grants to an organization which: (1) was founded in 1881; (2) provides care and education for destitute and deserving orphan and needy children; and (3) during 1968 promulgated a plan for scholarship assistance and student emergency services program in conjunction with a county board of education.…