A bill to provide that income from certain public entertainment activities conducted by organizations described in section 501 (c) (3), (4), or (5) of the Internal Revenue Code shall not be unrelated trade or business income and shall not affect the tax exemption of the organization.

Amends the Internal Revenue Code to allow specified otherwise tax exempt organizations to operate a public entertainment activity in conjunction with a National, State, local, regional, or international fair or exposition without losing their tax exempt status, by excluding such public entertainment activity from the definition of the term "unrelated trade or business."