This bill codifies regulations promulgated by the Trump Administration exempting certain tax-exempt organizations from specified reporting requirements. Specifically the bill
increases from $5,000 to $50,000 the gross receipts threshold used to determine the eligibility of tax-exempt organizations for the exemption from certain disclosure and reporting requirements;
expands the definition of organization to include tax-exempt charitable organizations and organizations with no significant activities relating to lobbying, political activity, and the operation of a trade or business;
exempts from disclosure the names and addresses of contributors to an organization in its annual informational return; and
extends exemptions from reporting requirements to political action committees (i.e., 527 organizations).
Actions
May 20, 2021
Read twice and referred to the Committee on Finance.