,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #icec  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,june #ah1 #bjbf,mr4  
,kelly ( ,p5nsylvania 7= himself & ,mr4 
,boyle ( ,p5nsylvania7 introduc$ !      
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,ways & ,means  ,a ,,bill 
,to am5d ! ,int]nal ,rev5ue ,code (     
#aihf to exempt qualifi$ religi\s       
in/itutions f ! excise tax on inve/m5t  
income4  #a4 ,exemption ( qualifi$      
religi\s in/itutions f excise tax on    
inve/m5t income  7a7 ,9 g5]al ,section  
#difh7;c7 ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$ by /rik+ & at ! end (    
p>agraph 7#c71 by /rik+ ! p]iod at ! end
 ( p>agraph 7#d7 & ins]t+ 1 &1 & by add+
 at ! end ! foll[+ new p>agraph3  7#e7  
:i* is n a qualifi$ religi\s in/itution4
  4  7b7 ,qualifi$ religi\s in/itution  
,section #difh ( su* ,code is am5d$ by  
r$esignat+ subsection 7h7 z subsection  
7i7 & by ins]t+ aft] subsection 7g7 !   
foll[+ new subsection3  7h7 ,qualifi$   
religi\s in/itution ,= purposes (       

subsection 7c77#e71 ! t]m qualifi$      
religi\s in/itution means any           
in/itution--  7#a7 :i* 0 e/abli%$ aft]  
,july #d1 #aggf1  7#b7 :i* 0 e/abli%$ by
 or 9 association ) an organization     
describ$ 9 section #agj7;b77#a77;,a77i71
  7#c7 :i*-- 7,a7 has at lea/ #be p]c5t 
( ! memb]s ( its highe/ gov]n+ body z   
be+ ei!r--  7i7 appo9t$ or approv$ by   
su* organization1 or  7ii7 requir$ "u ! 
gov]n+ docum5ts ( ! in/itution to be    
cl]ical memb]s ( su* organization1  7,b7
 is p>ty to a =mal writt5 agreem5t ) su*
 organization t expressly ackn[l$ges !  
in/itution's hi/orical & ongo+          
relation%ip ) ! organization1 & sets =? 
%>$ commitm5ts relat+ to in/itutional   
mission1 values1 or engagem5t ) !       
religi\s traditions ( ! organization1 or
  7,c7 is =mally designat$ z a religi\s 
in/itution by ! gov]n+ body ( su*       
organization bas$ on an evaluation ( !  
in/itution's alignm5t ) ! organization's
 religi\s id5tity1 values1 or           
educational mission1 &  7#d7 :i* ma9ta9s

 a publi%$ in/itutional mission :i* is  
approv$ by ! gov]n+ body ( su*          
in/itution & :i* includes1 ref]s to1 or 
is pr$icat$ ^u religi\s t5ets1 beliefs1 
or tea*+s4  4  7c7 ,effective date ,!   
am5dm5ts made by subsections 7a7 & 7b7  
%all apply to taxable ye>s beg9n+ aft]  
,decemb] #ca1 #bjbe4  7d7 ,regulatory   
deadl9e ,n lat] ?an ,decemb] #ca1 #bjbf1
 ! ,secret>y ( ! ,treasury %all         
prescribe su* regulations or o!r        
guidance z may be necess>y or           
appropriate to c>ry out ! purposes ( !  
am5dm5ts made by subsections 7a7 & 7b74