IN THE SENATE OF THE UNITED STATES
March 31, 2011
Mr. Carper (for himself, Mr. Enzi, Mr. Cardin, Ms. Landrieu, Mr. Lugar, Mr. Menendez, and Mr. Roberts) introduced the following bill; which was read twice and referred to the Committee on Finance
To amend the Internal Revenue Code of 1986 to provide for collegiate housing and infrastructure grants.
This Act may be cited as the
Collegiate Housing and Infrastructure
Act of 2011.
Charitable organizations permitted to make collegiate housing and infrastructure grants
Section 501 of the Internal Revenue Code of 1986 (relating to exemption from tax on corporations, certain trusts, etc.) is amended by redesignating subsection (s) as subsection (t) and by inserting after subsection (r) the following new subsection:
Treatment of organizations making collegiate housing and infrastructure improvement grants
For purposes of subsection (c)(3) and sections 170(c)(2)(B), 2055(a)(2), and 2522(a)(2), an organization shall not fail to be treated as organized and operated exclusively for charitable or educational purposes solely because such organization makes collegiate housing and infrastructure grants to an organization described in subsection (c)(7) which applies the grant to its collegiate housing property.
Housing and infrastructure grants
For purposes of paragraph (1), collegiate housing and infrastructure grants are grants to provide, improve, operate, or maintain collegiate housing property that may involve more than incidental social, recreational, or private purposes, so long as such grants are for purposes that would be permissible for a dormitory or other residential facility of the college or university with which the collegiate housing property is associated. A grant shall not be treated as a collegiate housing and infrastructure grant for purposes of paragraph (1) to the extent that such grant is used to provide physical fitness facilities.
Collegiate housing property
For purposes of this subsection, collegiate housing property is property in which, at the time of a grant or following the acquisition, lease, construction, or modification of such property using such grant, substantially all of the residents are full-time students at the college or university in the community where such property is located.
Grants to certain organizations holding title to property, etc
For purposes of this subsection, a collegiate housing and infrastructure grant to an organization described in subsection (c)(2) or (c)(7) holding title to property exclusively for the benefit of an organization described in subsection (c)(7) shall be considered a grant to the organization described in subsection (c)(7) for whose benefit such property is held.
The amendment made by this section shall apply to grants made in taxable years ending after the date of the enactment of this Act.