,i  #aahth ,,congress  #b;d ,session    
,h4 ,r4 #hiac  ,,in ,,the ,,house ,,of  
,,representatives  ,july #b1 #bjbd,mr4  
,ferguson 7for himself1 ,mr4 ,kelly of  
,pennsylvania1 ,mrs4 ,miller of ,west   
,virginia1 ,mr4 ,murphy1 ,mr4 ,kustoff1 
,ms4 ,tenney1 ,mr4 ,moore of ,utah1 ,ms4
 ,malliotakis1 and ,ms4 ,stefanik7      
introduced the following bill2 which was
 referred to the ,committee on ,ways and
 ,means  ,a ,,bill  ,to amend the       
,internal ,revenue ,code of #aihf to    
exclude certain students from the       
calculation to determine if certain     
private colleges and universities are   
subject to the excise tax on net        
investment income1 and for other        
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,protecting         
,american ,students ,act4  #b4 ,certain 
students not taken into account for     
purposes of calculation to determine if 
certain private colleges and            
universities are subject to excise tax  
on net investment income  7a7 ,in       

general ,section #difh7;b7 of the       
,internal ,revenue ,code of #aihf is    
amended by adding at the end the        
following new paragraph3  7#c7 ,certain 
students not taken into account in      
determining endowment threshold ,for    
purposes of paragraph 7#a77;,d71 a      
student shall not be taken into account 
with respect to an eligible educational 
institution unless such student meets   
the student eligibility requirements    
under section #dhd7;a77#e7 of the       
,higher ,education ,act of #aife 7#bj   
,u4,s4,c4 #ajia7;a77#e774  4  7b7       
,effective date ,the amendment made by  
this section shall apply to taxable     
years beginning after ,december #ca1    
#bjbd4  #c4 ,requirement to report      
certain information with respect to     
application of excise tax based on      
investment income of private colleges   
and universities  7a7 ,in general       
,section #fjcc of the ,internal ,revenue
 ,code of #aihf is amended by           
redesignating subsection 7o7 as         

subsection 7p7 and by inserting after   
subsection 7n7 the following new        
subsection3  7o7 ,requirement ,to report
 certain information with respect to    
excise tax based on investment income of
 private colleges and universities ,each
 applicable educational institution     
described in section #difh7;b7 which is 
subject to the requirements of          
subsection 7a7 shall include on the     
return required under subsection 7a7--  
7#a7 the number of students taken into  
account for purposes of the calculation 
in paragraph 7#a77;,d7 of section       
#difh7;b7 7determined before the        
application of paragraph 7#c7 of such   
section71 and  7#b7 the number of       
students taken into account for purposes
 of the calculation in paragraph        
7#a77;,d7 of section #difh7;b7          
7determined after the application of    
paragraph 7#c7 of such section74  4  7b7
 ,effective date ,the amendment made by 
this subsection shall apply to taxable  
years beginning after ,december #ca1    

#bjbd4