GovTrack’s Bill Summary
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Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
TABLE OF CONTENTS:
- Title I: Section 527 Organizations
- Title II: Tax-Exempt Business and Labor Organizations Engaging in Political Activity
Tax-Exempt Political Disclosure Act -
Section 527 Organizations
Amends the Internal Revenue Code to prohibit a political organization from being treated as such unless it gives notice within 24 hours of being established that it is to be so treated. Provides that if notice is given after such period, the organization shall not be so treated for any period before such notice is given. Requires, in the case of an organization failing to give such notice, such organization's taxable income to be computed by taking into account any exempt function income (and any deductions directly connected with the production of such income). Excepts certain organizations from the notification requirement.
Makes information on organizations that file such notices, and such notices, publicly available.
Prohibits treating an organization as a political organization unless it makes required disclosures.
Makes such disclosures publicly available and prescribes monetary penalties for failures to make disclosures available for inspection.
Requires political organizations which have gross receipts of $25,000 or more per taxable year, with an exception, to file tax returns. Provides for public disclosure of such returns and prescribes monetary penalties for failures to file or provide correct information.
Tax-Exempt Business and Labor Organizations Engaging in Political Activity
Requires any labor organization described in paragraph 5 or any business league, chamber of commerce, or board of trade described in paragraph 6 of section 501(c) (tax exempt organizations) from being considered a 501 (c) organization unless specified information is submitted to the Secretary of the Treasury concerning the organization's activities, contributors, and expenditures.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
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