S.1428

Safeguarding Charity Act clarifies that certain tax exemptions are not considered Federal financial assistance.

The Safeguarding Charity Act amends title 1 of the United States Code to clarify that certain tax exemptions are not treated as Federal financial assistance. Specifically, it states that for purposes of any Federal law, rule, or regulation, the term "Federal financial assistance" does not include any exemption from Federal income tax for certain organizations. This applies to organizations described in subsections (c) or (d) of section 501 of the Internal Revenue Code of 1986 and section 401(a) of that Code, unless explicitly provided otherwise.