; election to treat such payments as effectively connected income. Subtitle E—Provisions related to possessions of the United States Sec. 4401. Extension of deduction allowable with respect to income attributable to domestic production activities in Puerto Rico. Sec. 4402. Extension of temporary increase in limit on cover over of rum excise taxes to Puerto Rico and the Virgin Islands. Sec. 4403. Extension of American Samoa economic development credit. Subtitle F—Other international reforms Sec. 4501. Restriction on insurance business exception to passive foreign investment company rules. Title V—Exempt organizations Subtitle A—Unrelated Business Income Tax Sec. 5001. Clarification of unrelated business income tax treatment of entities treated as exempt from taxation under section 501(a) . Sec. 5002. Exclusion of research income limited to publicly available research. Subtitle B—Excise Taxes Sec. 5101. Simplification of excise tax on private foundation investment income. Sec. 5102. Private operating foundation requirements relating to operation of art museum. Sec. 5103. Excise tax based on investment income of private colleges and universities. Sec. 5104. Exception from private foundation excess business holding tax for independently-operated philanthropic business holdings. Subtitle C—Requirements for organizations exempt from tax Sec. 5201. 501(c)(3) organizations permitted to make statements relating to political campaign in ordinary course of activities. Sec. 5202. Additional reporting requirements for donor advised fund sponsoring organizations. I Tax reform for individuals A Simplification and reform of rates, standard deduction, and exemptions 1001. Reduction and simplification of individual income tax rates (a) In general Section 1 is amended by striking subsection (i) and by striking all that precedes subsection (h) and inserting the following: 1. Tax imposed (a) In general There is hereby imposed on the income of every individual a tax equal to the sum of— (1) 12 percent bracket 12 percent of so much of