,,ii #aai? ,,congress #a/ ,session ,s4 #afhd ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,may #h1 #bjbe,mr4 ,cruz introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to require audits ( in/itutions ) respect to disclosures ( =eign gifts1 & = o!r purposes4 #a4 ,audits ( in/itutions ) respect to disclosures ( =eign gifts ,section #aag ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajaa;f7 is am5d$-- 7#a7 by r$esignat+ subsections 7g7 & 7h7 z subsections 7h7 & 7i71 respectively2 & 7#b7 by ins]t+ aft] subsection 7f7 ! foll[+3 7g7 ,audit 7#a7 ,9 g5]al ,beg9n+ n lat] ?an #fj days aft] ! date ( enactm5t ( ?is subsection1 & e #b ye>s !reaft]1 ! ,secret>y %all conduct an audit ( no few] ?an #cj in/itutions to assess compliance ) ! report+ requirem5ts "u ?is section4 7#b7 ,det]m9ation ( in/itutions to audit ,9 det]m9+ :i* in/itutions to audit "u ?is subsection1 ! ,secret>y %all prioritize audits = in/itutions t meet #a or m ( ! foll[+ crit]ia3 7,a7 ,in/itutions t are 9 ! top #a p]c5t :5 ! end[m5ts ( all in/itutions are rank$ f l>ge/ to smalle/4 7,b7 ,in/itutions ) a previ\s hi/ory ( receiv+ a sub/antial gift f1 or ent]+ into a sub/antial contract )1 a =eign s\rce4 7,c7 ,in/itutions t h previ\sly be5 noncompliant ) ! requirem5ts ( ?is section4 7,d7 ,in/itutions t publicly report receiv+ contributions f a =eign entity ( conc]n 7z def9$ 9 section #ajfab7;a7 ( ! ,rese>* & ,developm5t1 ,competition1 & ,innovation ,act 7#db ,u4,s4,c4 #aibba7;a7774 7,e7 ,in/itutions t h a =mal agreem5t1 includ+ a memor&um ( und]/&+1 ) a ,f$]al ag5cy4 7#c7 ,cont5ts ( audit ,z "p ( ea* audit conduct$ "u ?is subsection1 ! ,secret>y %all det]m9e-- 7,a7 if ! in/itution 0 9 compliance ) requirem5ts ( ?is section = ! #b report+ ye>s prior to ! ye> 9 :i* ! audit is conduct$2 & 7,b7 9 ! case ( noncompliance1 ! gifts f1 or contracts )1 =eign s\rces ^: am\nts ! in/itution "u report$ or ov] report$ 9 ! prior #b report+ ye>s1 along ) ! foll[+ in=mation = ea* ( ^! gifts or contracts3 7i7 ,! am\nt "u report$ or ov] report$4 7ii7 ,! =eign s\rce4 7iii7 ,! c\ntry ( orig94 7iv7 ,! receipt date or contract />t & end dates4 7#d7 ,report ,n lat] ?an #cj days aft] ! date on :i* ! audit "u ?is subsection is complet$1 ! ,secret>y %all-- 7,a7 submit to ,congress a report on ! results ( ! audit2 & 7,b7 make ! report describ$ 9 subp>agraph 7,a7-- 7i7 available to ! ,speak] ( ! ,h\se1 ! majority & m9ority lead]s ( ! ,h\se ( ,repres5tatives1 ! majority & m9ority lead]s ( ! ,s5ate1 ! ,*air & ,rank+ ,memb] ( ! committee & ea* subcommittee ( jurisdiction 9 ! ,h\se ( ,repres5tatives & ! ,s5ate1 & any o!r ,memb] ( ,congress :o reque/s ! report2 & 7ii7 publicly available on ! ,dep>tm5t ( ,education website4 4 #b4 ,excise taxes on c]ta9 contributions by =eign entities 7a7 ,9 g5]al ,sub*apt] ,h ( *apt] #db ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new sections3 #difi4 ,excise tax on contributions to colleges & univ]sities by =eign c\ntries ( conc]n 7a7 ,tax impos$ ,!re is h]eby impos$ on ea* applicable in/itution = ! taxable ye> a tax equal to #cjj p]c5t ( ! income ( su* in/itution receiv$ f any =eign c\ntry ( conc]n dur+ ! taxable ye>4 7b7 ,applicable in/itution ,= purposes ( ?is section1 ! t]m applicable in/itution means an eligible educational in/itution 7z def9$ 9 section #be;,a7f77#b77-- 7#a7 :i* _h at lea/ #ejj tuition-pay+ /ud5ts dur+ ! prec$+ taxable ye>1 & 7#b7 m ?an #ej p]c5t ( ! tuition-pay+ /ud5ts ( :i* are locat$ 9 ! ,unit$ ,/ates1 det]m9$ accord+ to ! rules ( section #difh7;b77#b74 7c7 ,=eign c\ntry ( conc]n ,= purposes ( ?is section1 ! t]m =eign c\ntry ( conc]n has ! mean+ giv5 su* t]m by section #ajfab7;a7 ( ! ,rese>* & ,developm5t1 ,competition1 & ,innovation ,act4 7d7 ,relat$ organizations ,rules simil> to ! rules ( section #difh7;d7 %all apply 9 det]m9+ income ( an applicable in/itution = purposes ( ?is section4 #digj4 ,excise tax on failure to report contributions by =eign entities 7a7 ,tax impos$ ,!re is h]eby impos$ on ea* in/itution = ! taxable ye> a tax equal to #aaj p]c5t ( ! unreport$ =eign fund+ receiv$ by su* in/itution dur+ ! taxable ye>4 7b7 ,unreport$ =eign fund+ ,= purposes ( ?is section1 ! t]m unreport$ =eign fund+ means an am\nt equal to ! value ( any gift or contract1 or any am\nt receiv$ pursuant to a *ange 9 own]%ip or control1 requir$ to be report$ "u section #aag ( ! ,high] ,education ,act ( #aife :i* is det]m9$ n to h be5 s report$ by an audit "u subsection 7g7 ( su* section4 7c7 ,tim+ ( tax ,! tax impos$ by subsection 7a7 %all be due n lat] ?an #ahj days aft] ! in/itution is notifi$ ( ! results ( ! audit "u section #aag7;g7 ( ! ,high] ,education ,act ( #aife4 7d7 ,coord9ation ) section #difi ,9 ! case ( any unreport$ =eign fund+ :i* is receiv$ f a =eign c\ntry ( conc]n 7z def9$ 9 section #difi7;c771 ! tax impos$ by subsection 7a7 %all be 9 addition to any tax impos$ by section #difi on su* fund+4 7e7 ,in/itution2 o!r t]ms ,= purposes ( ?is section1 ! t]m in/itution1 & any o!r t]m us$ 9 ?is section :i* is us$ 9 section #aag ( ! ,high] ,education ,act ( #aife1 has ! same mean+ z :5 us$ 9 su* section4 4 7b7 ,cl]ical am5dm5ts 7#a7 ,! table ( sections = sub*apt] ,h ( *apt] #db ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new items3 ,sec4 #difi4 ,excise tax on contributions to colleges & univ]sities by =eign c\ntries ( conc]n4 ,sec4 #digj4 ,excise tax on failure to report contributions by =eign entities4 4 7#b7 ,! head+ ( sub*apt] ,h ( *apt] #db ( su* ,code 7& ! item relat+ to su* sub*apt] 9 ! table ( sub*apt]s = su* *apt]7 are ea* am5d$ by /rik+ ,tax ,bas$ on ,inve/m5t ,income ( & ins]t+ ,taxes on4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ! date :i* is #fj days aft] ! date ( ! enactm5t ( ?is ,act4