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To amend the Internal Revenue Code of 1986 to exempt qualified religious institutions from the excise tax on investment income.
To amend the Internal Revenue Code of 1986 to exempt qualified religious institutions from the excise tax on investment income.
Summary
- Amends the Internal Revenue Code to exempt qualified religious institutions from the federal excise tax on investment income.
- Defines qualified religious institutions as those established after 1776 in association with a charitable or educational organization and maintaining a published religious mission.
- Requires qualifying institutions to have at least 25 percent of governing board members appointed or approved by the associated organization, or have a formal written agreement with the organization, or be formally designated by the organization as religious.
- The exemption applies to taxable years beginning after December 31, 2025.
- Requires the Treasury Secretary to issue implementing regulations by December 31, 2026.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Kelly, Mike [R-PA-16] (R-PA)
1 cosponsor
Money behind the sponsor
Top reported contributors to Mike Kelly’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- NULL $43,700
- THE PARKER FOUNDATION $13,200
- LINDY PAVING INC. $8,800
- GREATER PITTSBURGH AUTO DEALERS ASSOCI $8,300
- ANDERSON COACH & TRAVEL $8,300
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Mike Kelly → · Outside spending →
Actions (2)
- Jun 18, 2026 Referred to the House Committee on Ways and Means. · house
- Jun 18, 2026 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
June 18, 2026
Mr. Kelly of Pennsylvania (for himself and Mr. Boyle of Pennsylvania) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to exempt qualified religious institutions from the excise tax on investment income.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. EXEMPTION OF QUALIFIED RELIGIOUS INSTITUTIONS FROM EXCISE TAX ON INVESTMENT INCOME.
(a) In General.—Section 4968(c) of the Internal Revenue Code of 1986 is amended by striking “and” at the end of paragraph (3), by striking the period at the end of paragraph (4) and inserting “, and”, and by adding at the end the following new paragraph:
“(5) which is not a qualified religious institution.”.
(b) Qualified Religious Institution.—Section 4968 of such Code is amended by redesignating subsection (h) as subsection (i) and by inserting after subsection (g) the following new subsection:
“(h) Qualified Religious Institution.—For purposes of subsection
(c)(5), the term ‘qualified religious institution’ means any institution—
“(1) which was established after July 4, 1776,
“(2) which was established by or in association with an organization described in section 170(b)(1)(A)(i),
“(3) which—
“(A) has at least 25 percent of the members of its highest governing body as being either—
“(i) appointed or approved by such organization, or
“(ii) required under the governing documents of the institution to be clerical members of such organization,
“(B) is party to a formal written agreement with such organization that expressly acknowledges the institution’s historical and ongoing relationship with the organization, and sets forth shared commitments relating to institutional mission, values, or engagement with the religious traditions of the organization, or
“(C) is formally designated as a religious institution by the governing body of such organization based on an evaluation of the institution’s alignment with the organization’s religious identity, values, or educational mission, and
“(4) which maintains a published institutional mission which is approved by the governing body of such institution and which includes, refers to, or is predicated upon religious tenets, beliefs, or teachings.”.
(c) Effective Date.—The amendments made by subsections (a) and (b) shall apply to taxable years beginning after December 31, 2025.
(d) Regulatory Deadline.—Not later than December 31, 2026, the Secretary of the Treasury shall prescribe such regulations or other guidance as may be necessary or appropriate to carry out the purposes of the amendments made by subsections (a) and (b). <all>
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