A bill to provide special rules for the application of sections 4942 and 4943 of the Internal Revenue Code of 1954 to any private foundation the principal asset of which is a bank holding company.

Provides special rules for determining whether a private foundation's ownership interest in a bank holding company qualifies as an interest in a business enterprise, for purposes of the penalty tax on the excess business holdings of private foundations.

Extends the period for the required distribution of private foundation income for taxable years ending on or after June 30, 1974.