US SB2849

Tax-exempt organizations under sections 501(c)(3), 501(c)(4), and 501(c)(6) would lose their tax-exempt status if any board member is a citizen or national of a "covered nation" as defined in IRC section 7701(a)(51)(I)(ii)

Churches and conventions or associations of churches are explicitly exempted from this prohibition

The restriction applies to boards of directors and similar governing bodies of affected nonprofit organizations

Amends Section 501 of the Internal Revenue Code of 1986 by adding a new subsection (s)

Effective for taxable years beginning after the date of enactment