A bill to amend the Internal Revenue Code to provide an income tax exemption for certain mutual benevolent insurance associations.

Amends the Internal Revenue Code to provide an income tax exemption for mutual benevolent insurance associations which: (1) operate exclusively for the benefit of members of a particular church or religious denomination; (2) provide for the payment of life, sick, accident or other benefits to members of such association; (3) do not distribute earnings to the benefit of any private individual; and (4) do not have gross income in excess of $2,500,000 per year.