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 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, and investments.