A bill to amend the Internal Revenue Code of 1954 to change the income distribution requirement for certain private operating foundations and to exempt certain private operating foundations from the excise tax on investment income.

Amends the Internal Revenue Code to lower the distribution requirements for operating private foundations for purposes of avoiding the excise tax on undistributed income. Allows certain libraries, museums, and nonprofit nursing homes to avoid the excise tax on investment income by electing higher distribution requirements.