A bill to amend the Internal Revenue Code of 1954 to provide that the 4-percent excise tax on the net investment income of a private foundation shall not apply to a private foundation organized and operated exclusively as a library, museum, or similar educational institution.

Amends the Internal Revenue Code to provide that the excise tax on the investment income of tax exempt foundations shall not apply to any private foundation organized and operated exclusively as a library, museum or similar educational institution, and which is not directly or indirectly controlled by substantial contributors or their families.