Internal Revenue Code of 1986 (as added by paragraph (1)) is met with respect to any taxable year. (B) 1-year grace period under certain circumstances In the case of organization that, after intensive due diligence, is unaware of the failure to satisfy the requirement of such section 501(s), subparagraph (A) shall be applied by substituting 1 year for 270 days . (3) Public report Not later than 360 days after the date of the enactment of this Act, and annually thereafter, the Secretary of the Treasury (or the Secretary’s delegate) shall publicly release a report describing the patterns of United States outbound investment in China, including such investment by organizations described in section 501(s)(1) of the Internal Revenue Code of 1986 (as added by paragraph (1)). Such report shall detail the sectoral breakdown of such investments. VI Matters related to democracy, human rights and Taiwan 601. Supporting a free and democratic China It is the policy of the United States to support a free and democratic China which respects the human rights and civil liberties of the people of China. 602. American institute in Taiwan The position of Director of the American Institute in Taiwan’s Taipei office shall be subject to the advice and consent of the Senate, and effective upon enactment of this Act shall have the title of Representative. 603. Prohibitions against undermining United States policy regarding Taiwan (a) Finding Congress finds that the efforts by the Government of the People’s Republic of China (PRC) and the Chinese Communist Party to compel private United States businesses, corporations, and nongovernmental entities to use PRC-mandated language to describe the relationship between Taiwan and China are an intolerable attempt to enforce political censorship globally and should be considered an attack on the fundamental underpinnings of all democratic and free societies, including the constitutionally protected right to freedom of speech. (b) Sense of congress It is the sense of Congress that the United