This bill adds a new subsection to section 501 of the Internal Revenue Code. It says certain tax-exempt organizations will not lose their charitable or educational status only because they make grants for collegiate housing and related infrastructure. "Collegiate housing and infrastructure grants" are defined as grants to provide, improve, operate, or maintain property where substantially all residents are full-time students at the nearby college or university. The bill allows such grants even if the property involves more than incidental social or recreational uses, as long as the use would be allowed for a college dormitory or other campus residence. Grants used to provide physical fitness facilities are excluded from this rule. The bill also treats grants made to an organization that holds title to property for the benefit of a college-related organization as if they were made directly to that college-related organization. The rule applies to grants made in taxable years ending after the bill becomes law.
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