This bill proposes to revoke the 501(c)(3) tax-exempt status for specific organizations, thereby making them subject to federal taxation. It explicitly targets the Council on American-Islamic Relations (CAIR) and any other organization subsequently found to have connections to terrorism or terrorist organizations. By denying 501(c)(3) status, these entities would no longer be exempt from federal income tax, impacting their financial operations. The provisions of this act are slated to take effect for all taxable years concluding after the date of its enactment.