An act to amend the Internal Revenue Code of 1954 to simplify private foundation return and reporting requirements, and for other purposes.

(Measure passed Senate, amended)

Amends the Internal Revenue Code to permit the Internal Revenue Service to disclose to the Secretary of Education, upon a written request, the mailing address of any taxpayer who has defaulted on a student loan received under the Guaranteed Student Loan Program or the Migration and Refugee Assistance Act of 1962, for purposes of aiding the Secretary in collecting such loans. Permits the Secretary to disclose such mailing addresses to any lender, educational institution, or any State or nonprofit guarantee agency which is participating under the Guaranteed Loan Program. Authorizes criminal penalties for the unauthorized disclosure of any information received under the provisions of this Act.

Repeals provisions of the Internal Revenue Code which require tax-exempt private foundations with assets of $5,000 or more to make annual reports of their receipts and expenditures. Requires that information previously required by such annual reports be included in the foundation's annual tax return. Imposes the same reporting requirements on non tax-exempt charitable trusts and private foundations. Requires that such returns be opened to public inspection and imposes a fine for failure to do so.

Permits private foundations to treat as confidential, and not to list on their tax returns, the name and address of any indigent or needy recipient of charitable gifts or grants amounting to $1,000 or less during the taxable year.

Sets forth rules for the tax treatment of foreign deferred compensation plans. Permits employers who maintain deferred compensation plans for nonresident aliens to elect tax deductibility for certain contributions to qualified foreign plans (and adjustments to earnings and profits).

Permits individuals to transfer proven oil and gas properties to a corporation in exchange for all the stock of such corporation without losing eligibility for the percentage depletion allowance.

Permits the offset of nonrefundable tax credits (other than the foreign tax credit) against the alternative minimum tax except to the extent that such tax is attributable to net capital gains and adjusted itemized deductions. Requires, in the case of the investment tax credit, the work incentive program credit, and the new jobs credit, that the offset be available only to the extent that the nonrefundable credit is attributable to the active conduct of a trade or business by the taxpayer.