This bill would change the Internal Revenue Code by adding a new subsection to section 501. The new subsection says that, unless a law explicitly says otherwise, an exemption from the taxes in the Internal Revenue Code "shall not include" being treated as "Federal financial assistance" for purposes of any federal law, rule, or regulation. The rule applies to organizations described in section 501(c) or 501(d) and to organizations described in section 401(a). The bill also says it should not be read to mean that tax exemptions before the bill became law were federal assistance.
If this bill becomes law, tax-exempt status for the listed organizations would be clarified as not counting as "Federal financial assistance" for other federal rules or programs, unless a law specifically says it does. No other effects or changes are described in the bill text.
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No publicly available information in the bill text or the provided metadata about supporters' arguments or stated benefits.
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