A bill to provide that the Federal tax on excess business holdings of private foundations shall not apply in certain cases.

Amends the Internal Revenue Code to exempt from the tax on excess business holdings of private foundations any such foundation holding stock or other interests in certain insurance companies. Requires that such insurance companies must: (1) have admitted assets of over $1,300,000; (2) have a headquarters located in the community where it was located on January 1, 1982; and (3) employ at its headquarters not less than 80 percent of the individuals employed on January 1, 1982.