A bill to amend the Internal Revenue Code of 1954 to provide that the rental value of a parsonage furnished to the surviving spouse of a minister shall be excluded from gross income.

(Reported to Senate from the Committee on Finance with amendment, S. Rept. 94-1320)

Provides, under the Internal Revenue Code, that the rental value of a parsonage furnished to the surviving spouse of a minister shall be excluded from gross income. States that such exclusion shall not apply in the case of remarriage of such surviving spouse or one year after the date of such minister's death.

Deems that nonprofit organizations which have been paying social security taxes for their employees have waived their immunity from such taxes. Allows a nonprofit organization, where refunds of such taxes have been obtained, to file, within 180 days, with the Internal Revenue Service, a waiver certificate designating any employees who wish to be reinstated to social security coverage.

Requires that refunded social security taxes for those employees be paid back to the U.S. Treasury. Allows the Treasury Department to provide for the repayment of refunded taxes in installments over a reasonable period of time.