A bill to amend the Internal Revenue Code of 1954 to exempt college and university fraternities and sororities from the tax imposed on certain income.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide that college and university fraternities and sororities (and their chapters) not organized for profit and no part of the net earnings of which inures to the benefit of any private shareholder or individual shall be exempt from taxation on certain income.…