EXCISE TAX EXEMPTION FOR CERTAIN REGULATED INVESTMENT COMPANIES OWNED BY TAX EXEMPT ENTITIES.

SEC. 401. EXCISE TAX EXEMPTION FOR CERTAIN REGULATED INVESTMENT COMPANIES OWNED BY TAX EXEMPT ENTITIES.(a) In General.—Subsection (f) of section 4982 is amended—(1) by striking “either” in the matter preceding paragraph (1),(2) by striking “or” at the end of paragraph (1),(3) by striking the period at the end of paragraph (2), and(4) by inserting after paragraph (2) the following new paragraphs:“(3) any other tax-exempt entity whose ownership of beneficial interests in the company would not preclude the application of section 817(h)(4), or“(4) another regulated investment company described in this subsection.”.(b) Effective Date.—The amendment made by this section shall apply to calendar years beginning after the date of the enactment of this Act.