Exempts qualified religious institutions from the excise tax on investment income.
This bill amends the Internal Revenue Code to exempt qualified religious institutions from the excise tax on investment income. A qualified religious institution is defined as one that was established after July 4, 1776, and meets specific criteria, such as being formally designated by a governing religious organization or having a mission aligned with religious tenets. The exemption applies to taxable years beginning after December 31, 2025, with regulations to be issued by the Secretary of the Treasury by December 31, 2026.
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