A bill to provide that certain costs of a private foundation in removing hazardous substances shall be treated as qualifying distributions under section 4942 of the Internal Revenue Code of 1954.

Amends the Internal Revenue Code to provide that the distributable amount of a private foundation (i.e., an amount which serves to reduce the taxable income of the foundation) shall be reduced by any amounts incurred in the remedial or removal costs respecting a hazardous substance released at a foundation-owned or operated facility, except as specified.