Relating to Earnings from Established Scholarship Funds.
Section 48
SEC. 48. Relating to Earnings from Established Scholarship Funds.—All earnings from the investment of any duly established scholarship fund of any school recognized by the government, constituted from gifts to the school, and/ or from contributions or other resources assigned to said fund by the school, if said earnings are actually used to fund additional scholarship grants to financially deserving students shall be exempt from tax until the scholarship fund is fully liquidated, when the outstanding balance thereof shall be subject to tax.