amended by striking subsection (e). (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2017. 5102. Private operating foundation requirements relating to operation of art museum (a) In general Section 4942(j) is amended by adding at the end the following new paragraph: (6) Organization operating art museum For purposes of this section, the term operating foundation shall not include an organization which operates an art museum as a substantial activity unless such museum is open during normal business hours to the public for at least 1,000 hours during the taxable year. . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2017. 5103. Excise tax based on investment income of private colleges and universities (a) In general Chapter 42 is amended by adding at the end the following new subchapter: H Excise tax based on investment income of private colleges and universities Sec. 4969. Excise tax based on investment income of private colleges and universities. 4969. Excise tax based on investment income of private colleges and universities (a) Tax imposed There is hereby imposed on each applicable educational institution for the taxable year a tax equal to 1.4 percent of the net investment income of such institution for the taxable year. (b) Applicable educational institution For purposes of this subchapter— (1) In general The term applicable educational institution means an eligible educational institution (as defined in section 25A(e)(3))— (A) which has at least 500 students during the preceding taxable year, (B) which is not described in the first sentence of section 511(a)(2)(B), and (C) the aggregate fair market value of the assets of which at the end of the preceding taxable year (other than those assets which are used directly in carrying out the institution’s exempt purpose) is at least $250,000 per student of the institution. (2) Students For purposes of paragraph (1), the number of