• Amends the Internal Revenue Code of 1986 to clarify that tax-exempt status for qualifying nonprofit and similar organizations does not count as "Federal financial assistance" under any Federal law, rule, or regulation (unless explicitly stated otherwise)
• Applies to organizations described under IRC sections 501(c), 501(d), and 401(a)
• Includes a rule of construction stating the bill cannot be interpreted to imply that tax-exempt status *previously* constituted Federal financial assistance before the bill's enactment

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