Following up on my previous post, Colleges (and Law Schools) Await Looming IRS Guidance on Race and Admissions: Bloomberg Law, IRS Proposal on Race and Admissions Passes White House Review:
IRS guidance on the application of fundamental public policy against racial discrimination in schools is one step closer to being released.
The White House Monday completed its review of the proposed rule (RIN 1545-BS05), according to the Office of Information and Regulatory Affairs. The Treasury Department and IRS will now publicly propose the rule and solicit comments.
Private colleges and universities have been watching for this guidance, which could reshape what types of programs they can administer that benefit racial minorities while still keeping their tax-exempt status.
Treas. Reg. 1.501(c)(3)-1(d)(2): These proposed regulations would amend existing regulations under section 501(c)(3) to clarify that certain schools that discriminate on the basis of race are not operated exclusively for charitable purposes.
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