To amend the Internal Revenue Code of 1986 to provide that the unrelated business tax on colleges and universities shall apply to revenues from broadcasting athletic events and to certain other athletics-related revenues and to provide that scholarships received for travel, research, and living expenses are excluded from gross income.

Amends the Internal Revenue Code to provide that the unrelated business taxable income of a college or university includes: (1) income derived from radio or television broadcasting of any athletic event; (2) amounts which would not be allowable as deductions by a contributor; (3) amounts contributed by a booster club or similar organization for athletic activities; and (4) all deductions directly connected with such funds.

Excludes from gross income scholarships for travel, research, and living expenses (including room and board).