Tax relief for charitable funding of collegiate student housing infrastructure.
This law amends tax rules to allow charitable organizations to fund renovations and construction of student housing without jeopardizing their tax-exempt status. This includes properties associated with student organizations, provided they primarily house full-time students. The goal is to facilitate better funding for collegiate housing infrastructure improvements.
Key points
Charitable organizations can now legally provide grants for capital improvements and maintenance of collegiate housing (e.g., dormitories, fraternity/sorority houses) while retaining their tax-exempt status.
These grants must be used for capital improvements but are specifically prohibited from being spent on physical fitness facilities.
The change makes it easier to raise funds for improving student living conditions, potentially leading to safer and better-maintained properties.
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