by means of program-related investments as of the 
beginning and end of such year, 
‘‘(7) a statement of any interest, dividends, or 
other distributions paid with respect to any pro-
gram-related investments during the year, and 
‘‘(8) such other information as may be nec-
essary for the return described in subsection (a) to 
satisfy the annual financial reporting required by the 
expenditure responsibility rules pursuant to the reg-
ulations under section 4945 or as the Secretary may 
by forms or regulations prescribe.’’. 
SEC. 5. PUBLICITY OF INFORMATION. 
Subchapter B of chapter 61 of the Internal Revenue 
Code of 1986 is amended by inserting after section 6104 
the following new section: 
‘‘SEC. 6104A. PUBLICITY OF INFORMATION REGARDING OR-
GANIZATIONS 
RECEIVING 
PROGRAM-RE-
LATED INVESTMENTS. 
‘‘(a) INSPECTION OF PETITIONS FOR DETERMINA-
TION OF PROGRAM-RELATED INVESTMENT STATUS.—If 
an entity seeks a determination pursuant to section 
4944(c)(3) that investments by private foundations in 
such organization will be program-related investments, the 
petition seeking such a determination, together with any 
documents submitted in support of such petition and any 
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determination or other document issued by the Internal 
Revenue Service with respect to such petition, shall be 
open to public inspection at the national office of the In-
ternal Revenue Service. 
‘‘(b) INSPECTION
OF ANNUAL INFORMATION RE-
TURNS.—The information required to be furnished by sec-
tion 6033A, together with the names and addresses of 
such entity, shall be made available to the public at such 
times and in such places as the Secretary may prescribe. 
‘‘(c) PUBLIC INSPECTION OF PETITIONS AND AN-
NUAL INFORMATION RETURNS.—Any entity that receives 
a determination from the Internal Revenue Service that 
private foundation investments shall be program-related 
investments pursuant to section 4944(c)(3) shall make 
copies available at the organization’s principal office, dur-
ing regular business hours, of the petition for such deter-
mination (together with supporting materials provided 
with the petition and documents issued by the Internal 
Revenue Service with respect to such petition), as well as 
the annual returns required by section 6033A filed by such 
organization. Upon request of an individual made at such 
principal office, copies of such petition materials and an-
nual reports shall be provided to such individual without 
charge other than a reasonable fee for any reproduction 
and mailing costs. The inspection and duplication rights 
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granted in this subsection shall apply to an annual return 
only during the three-year period beginning on the last 
day prescribed for filing such return (determined with re-
gard to any extension of time for filing). 
‘‘(d) LIMITATION
ON PROVIDING COPIES.—Para-
graph (c) shall not apply to any request if, in accordance 
with regulations promulgated by the Secretary, the entity 
has made the requested documents widely available, or the 
Secretary determines, upon application by an entity, that 
such request is part of a harassment campaign and that 
compliance with such request is not in the public inter-
est.’’. 
SEC. 6. CONFORMING AMENDMENTS. 
(a) CONFORMING CHANGE TO SECTION 501(n).— 
Paragraph (4)(A) of section 501(n) of the Internal Rev-
enue Code of 1986 is amended by inserting ‘‘paragraph 
(2) of’’ before ‘‘section 4944(c).’’ 
(b) CONFORMING CHANGE TO SECTION 514(b).— 
Paragraph (1) of section 514(b) of the Internal Revenue 
Code of 1986 is amended by redesignating subparagraphs 
(D) and (E) as subparagraphs (E) and (F) and by insert-
ing after subparagraph (C) the following new subpara-
graph: 
‘‘(D) any property owned or treated as 
owned by a private foundation by virtue of its 
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having made an investment in an entity that 
has received a determination from the Internal 
Revenue 
Service 
pursuant 
to 
section 
4944(c)(3), or by a court pursuant to section 
7428(a), that such investments in such entity 
qualify as program-related investments;’’. 
(c) CONFORMING CHANGE TO SECTION 4943(d).— 
Paragraph (3) of section 4943(d) of the Internal Revenue 
Code of 1986 is amended by striking ‘‘or’’ at the end of 
subparagraph (A), by redesignating subparagraph (B) as 
subparagraph (C) and by inserting after subparagraph (A) 
the following new subparagraph: 
‘‘(B) any program-related investment, as 
defined in section 4944(c)(2), or’’. 
SEC. 7. REGULATIONS. 
The Secretary of the Treasury shall, not later than 
1 year after the date of the enactment of this Act, amend 
any applicable regulations as may be necessary or appro-
priate to implement any amendments contained in this Act 
or to carry out the purposes of this Act, including pro-
viding additional examples of qualifying program-related 
investments. 
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SEC. 8. EFFECTIVE DATE. 
The amendments made by this Act shall apply to in-
vestments made after the date of the enactment of this 
Act in taxable years ending after such date. 
Æ 
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