A bill to authorize the Secretary of the Treasury to grant extensions of the five-year period within which private foundations must dispose of excess business holdings.

Amends the Internal Revenue Code to authorize the Secretary of the Treasury to grant one or more extensions of the five-year period within which tax-exempt private foundations must dispose of excess business holdings. Requires the Secretary in granting or denying an extension to consider, among other factors: (1) whether the private foundation has in good faith taken reasonable steps to dispose of such holdings throughout the initial five-year period; (2) whether orderly dispositon of such holdings can reasonably be expected to occur before the expiration of the extension period; and (3) all other facts and circumstances which the Secretary considers relevant. Requires that any extension so granted be no less than twenty-four months in duration.