,,ib  ,union ,cal5d> ,no4 #gih  #aah?   
,,congress  #b;d ,session  ,h4 ,r4 #hiac
  ,report ,no4 #aah-idi  ,,9 ,,! ,,h\se 
,,( ,,repres5tatives  ,july #b1 #bjbd   
,mr4 ,f]guson 7= himself1 ,mr4 ,kelly ( 
,p5nsylvania1 ,mrs4 ,mill] ( ,we/       
,virg9ia1 ,mr4 ,murphy1 ,mr4 ,ku/(f1    
,ms4 ,t5ney1 ,mr4 ,moore ( ,utah1 ,ms4  
,malliotakis1 & ,ms4 ,/efanik7 introduc$
 ! foll[+ bill2 :i* 0 ref]r$ to !       
,committee on ,ways & ,means  ,decemb]  
#bd1 #bjbd ,additional sponsor3 ,mr4    
,smi? ( ,nebraska  ,decemb] #bd1 #bjbd  
,report$ ) an am5dm5t1 committ$ to !    
,committee ( ! ,:ole ,h\se on ! ,/ate ( 
! ,union1 & ord]$ to be pr9t$ ,/rike out
 all aft] ! enact+ clause & ins]t ! "p  
pr9t$ 9 italic ,= text ( introduc$ bill1
 see copy ( bill z introduc$ on ,july   
#b1 #bjbd  ,a ,,bill  ,to am5d !        
,int]nal ,rev5ue ,code ( #aihf to       
exclude c]ta9 /ud5ts f ! calculation to 
det]m9e if c]ta9 private colleges &     
univ]sities are subject to ! excise tax 
on net inve/m5t income1 & = o!r         

purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,protect+ ,am]ican ,/ud5ts 
,act4  #b4 ,c]ta9 /ud5ts n tak5 into    
acc\nt = purposes ( calculation to      
det]m9e if c]ta9 private colleges &     
univ]sities are subject to excise tax on
 net inve/m5t income  7a7 ,9 g5]al      
,section #difh7;b7 ( ! ,int]nal ,rev5ue 
,code ( #aihf is am5d$ by add+ at ! end 
! foll[+ new p>agraph3  7#c7 ,c]ta9     
/ud5ts n tak5 into acc\nt 9 det]m9+     
end[m5t ?re%old ,= purposes ( p>agraph  
7#a77;,d71 a /ud5t %all n be tak5 into  
acc\nt ) respect to an eligible         
educational in/itution unless su* /ud5t 
meets ! /ud5t eligibility requirem5ts "u
 section #dhd7;a77#e7 ( ! ,high]        
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajia7;a77#e774  4  7b7 ,effective date 
,! am5dm5t made by ?is section %all     
apply to taxable ye>s beg9n+ aft]       
,decemb] #ca1 #bjbd4  #c4 ,requirem5t to
 report c]ta9 in=mation ) respect to    
application ( excise tax bas$ on        
inve/m5t income ( private colleges &    

univ]sities  7a7 ,9 g5]al ,section #fjcc
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by r$esignat+ subsection 7o7 z    
subsection 7p7 & by ins]t+ aft]         
subsection 7n7 ! foll[+ new subsection3 
7o7 ,requirem5t to report c]ta9         
in=mation ) respect to excise tax bas$  
on inve/m5t income ( private colleges & 
univ]sities ,ea* applicable educational 
in/itution describ$ 9 section #difh7;b7 
:i* is subject to ! requirem5ts (       
subsection 7a7 %all include on ! return 
requir$ "u subsection 7a7--  7#a7 !     
numb] ( /ud5ts tak5 into acc\nt =       
purposes ( ! calculation 9 p>agraph     
7#a77;,d7 ( section #difh7;b7 7det]m9$  
be=e ! application ( p>agraph 7#c7 ( su*
 section71 &  7#b7 ! numb] ( /ud5ts tak5
 into acc\nt = purposes ( ! calculation 
9 p>agraph 7#a77;,d7 ( section #difh7;b7
 7det]m9$ aft] ! application ( p>agraph 
7#c7 ( su* section74  4  7b7 ,effective 
date ,! am5dm5t made by ?is section %all
 apply to taxable ye>s beg9n+ aft]      
,decemb] #ca1 #bjbd4  ,decemb] #bd1     

#bjbd ,report$ ) an am5dm5t1 committ$ to
 ! ,committee ( ! ,:ole ,h\se on ! ,/ate
 ( ! ,union1 & ord]$ to be pr9t$