CLARIFICATION REGARDING EXCISE TAX BASED ON INVESTMENT INCOME OF PRIVATE COLLEGES AND UNIVERSITIES.

SEC. 41109. CLARIFICATION REGARDING EXCISE TAX BASED ON INVESTMENT INCOME OF PRIVATE COLLEGES AND UNIVERSITIES.(a) In General.—Subsection (b)(1) of section 4968, as added by section 13701(a) of Public Law 115–97, is amended—(1) by inserting “tuition-paying” after “500” in subparagraph (A), and(2) by inserting “tuition-paying” after “50 percent of the” in subparagraph (B).(b) Effective Date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2017.