EXEMPTION OF CERTAIN AMATEUR ATHLETIC ORGANIZATIONS FROM TAX.

SEC. 1313. EXEMPTION OF CERTAIN AMATEUR ATHLETIC ORGANIZATIONS FROM TAX. (a) In General.— Paragraph (3) of section 501(c) (relating to exempt religious, charitable, etc., organizations) is amended by inserting after “or educational purposes,” the following: “or to foster national or international amateur sports competition (but only if no part of its activities involve the provision of athletic facilities or equipment)” (b) Treatment of Gifts to Such Organizations for Income, Estate and Gift Tax Purposes.— (1) Subparagraph (B) of section 170(c)(2) (relating to definition of charitable contribution) is amended by inserting after “or educational purposes” the following: “, or to foster national or international amateur sports competition (but only if no part of its activities involve the provision of athletic facilities or equipment) (2) Paragraph (2) of section 2055(a) (relating to transfers for public, charitable, and religious uses) is amended by inserting after “the encouragement of art” the following: “, or to foster national or international amateur sports competition (but only if no part of its activities involve the provision of athletic facilities or equipment) (3) Paragraph (2) of section 2522(a) (relating to charitable and similar gifts) is amended by inserting after “or educational purposes” the following: “, or to foster national or international amateur sports competition (but only if no part of its activities involve the provision of athletic facilities or equipment),”. (c) An organization which (without regard to the amendments made by this section) is an organization described in section 170(c)(2)(B), 501(c)(3), 2055(a)(2), or 2522(a)(2) of the Internal Revenue Code of 1954 shall not be treated as an organization not so described as a result of the amendments made by this section. (d) Effective Date.— The amendments made by this section shall apply on the day following the date of the enactment of this Act.