Keep Public Funds in Public Schools Act

This Act may be cited as the Keep Public Funds in Public Schools Act.
Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 25F.
Section 25(e)(1)(C) of such Code is amended by striking 25D, and 25F and inserting and 25D.
The table of sections for subpart A of part IV of subchapter A of chapter 1 of such Code is amended by striking the item relating to section 25F.
Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 139K.
The table of sections for part III of subchapter B of chapter 1 of such Code is amended by striking the item relating to section 139K.
Except as otherwise provided in this subsection, the amendments made by this section shall apply to taxable years ending after December 31, 2026.
The amendments made by subsection (b) shall apply to amounts received after December 31, 2026, in taxable years ending after such date.