A bill to provide that certain costs of a private foundation in removing hazardous substances shall be treated as qualifying distributions under section 4942 of the Internal Revenue Code of 1954.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide that the distributable amount of a private foundation (i.e., an amount which serves to reduce the taxable income of the foundation) shall be reduced by any amounts incurred in the remedial or removal costs respecting a hazardous substance released at a foundation-owned or operated facility, except as specified.…