A bill to amend the Internal Revenue Code of 1954 with respect to the exemption from tax of veterans organizations.

Amends the Internal Revenue Code to extend tax-exempt status to veterans' organizations whose membership consists of at least 75 percent past or present members of the Armed Forces of the United States (combat or noncombat veterans), with the remaining membership consisting substantially of cadets or spouses, or widows or widowers of Armed Forces personnel or cadets.