A bill to amend the Internal Revenue Code of 1954 to make certain local organizations of police and firefighters exempt from taxation.

Amends the Internal Revenue Code of 1954 to grant tax-exempt status to local organizations of police officers and firefighters. Requires such an organization: (1) to be of a purely local character; (2) to have no part of its net earnings inure to the benefit of any private shareholder or individual; and (3) to receive its income solely from local governments, assessments on the salaries of members, members dues and contributions, fundraising activities and investments.