requirements of clause (i) or (ii). (B) Applicable insurance regulatory body The term applicable insurance regulatory body means, with respect to any insurance business, the entity established by law to license, authorize, or regulate such business and to which the statement described in subparagraph (A) is provided. . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2017. V Exempt organizations A Unrelated Business Income Tax 5001. Clarification of unrelated business income tax treatment of entities treated as exempt from taxation under section 501(a) (a) In general Section 511 is amended by adding at the end the following new subsection: (d) Organizations and trusts exempt from taxation not solely by reason of section 501(a) For purposes of subsections (a)(2) and (b)(2), an organization or trust shall not fail to be treated as exempt from taxation under this subtitle by reason of section 501(a) solely because such organization is also so exempt, or excludes amounts from gross income, by reason of any other provision of this title. . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2017. 5002. Exclusion of research income limited to publicly available research (a) In general Section 512(b)(9) is amended by striking from research and inserting from such research . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2017. B Excise Taxes 5101. Simplification of excise tax on private foundation investment income (a) Rate reduction Section 4940(a) is amended by striking 2 percent and inserting 1.4 percent . (b) Repeal of special rules for certain private foundations Section 4940 is 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