1. Short title This Act may be cited as the Tribal Tax Empowerment and Jobs Act of 2018 . 2. Treatment of Indian Tribes as States with respect to certain excise taxes and bond issuances (a) In general Section 7871 of the Internal Revenue Code of 1986 is amended by striking subsections (b), (c), and (e). (b) Conforming amendments (1) Section 7871(a)(2) of such Code is amended by striking subject to subsection (b), . (2) Section 45(c)(9)(B) of such Code is amended by inserting (as in effect before the date of the enactment of the Tribal Tax Empowerment and Jobs Act of 2018 ) after section 7871(c)(3)(E)(ii) . (c) Effective date The amendments made by this section shall apply to transactions after, and obligations issued in calendar years beginning after, the date of the enactment of this Act. 3. Indian tribal governments permitted to be shareholders of s corporations (a) In general Section 1361(c)(6) of the Internal Revenue Code of 1986 is amended by striking and at the end of subparagraph (A), by inserting and at the end of subparagraph (B), and by inserting after subparagraph (B) the following: (C) an Indian tribal government (as defined in section 7701(a)(40) and including any subdivision of such government and any agency or instrumentality of such government or subdivision), . (b) Effective date The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act. 4. Interagency coordination Not later than 1 year after the enactment of this section, the Secretary of the Interior and the Secretary of the Treasury shall coordinate to consult with Indian tribes and with the Securities and Exchange Commission to study, and collaborate to establish regulatory changes necessary to qualify an Indian tribe as an accredited investor for the purposes of sections 230.500 through 230.508 of title 17, Code of Federal Regulations (or successor regulations), consistent with the goals of promoting capital formation and ensuring qualifying Indian tribes have the ability to