To amend the Internal Revenue Code of 1986 to clarify the exemption from the unrelated business income tax of income from the use of the name or logo of sponsors of agricultural fairs, community celebration, festivals, art events, and expositions and from the sale of the rights to broadcast events thereof.

Amends the Internal Revenue Code to provide that income from any qualified public entertainment activity (agricultural fairs, community celebrations, festivals, art events, and expositions) shall not be treated as unrelated trade or business income if the sponsorship arrangement does not provide that the sponsor is to receive any substantial benefit other than: (1) the use of a sponsor's name or logo on materials (including signs) related to the activity; or (2) special seating, accommodations, transportation, or hospitality facilities or activities for the sponsor's employees or guests. Provides that the sale of the right to broadcast any qualified public entertainment activity shall not be treated as an unrelated trade or business.