Safeguarding Charity Act

This bill, titled the "Safeguarding Charity Act," seeks to amend title 1 of the United States Code. It aims to clarify the definition of "Federal financial assistance" regarding certain organizations. Specifically, it proposes that exemptions from Federal income tax should not be treated as federal financial assistance for organizations described in section 501(c) or 501(a) of the Internal Revenue Code, or section 401(a) of that Code. This clarification applies to any Federal law, rule, or regulation unless otherwise explicitly provided. Finally, the bill includes a rule stating that these tax exemptions do not imply government assistance for periods before the act's enactment.