Section 1. Short title
This Act may be cited as the Keep Public Funds in Public Schools Act of 2026.
(1) In general
Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 25F.
(A) Section 25(e)(1)(C) of such Code is amended by striking 25D, and 25F and inserting and 25D.
(B) The table of sections for subpart A of part IV of subchapter A of chapter 1 of such Code is amended by striking the item relating to section 25F.
(1) In general
Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 139K.
(2) Conforming amendment
The table of sections for part III of subchapter B of chapter 1 of such Code is amended by striking the item relating to section 139K.
(1) In general
Except as otherwise provided in this subsection, the amendments made by this section shall apply to taxable years ending after December 31, 2026.
(2) Exclusion from gross income
The amendments made by subsection (b) shall apply to amounts received after December 31, 2026, in taxable years ending after such date.