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EconomyH.R. 9772Not Yet VotedComments

Foreign Funding Transparency Act

Official title: To amend the Internal Revenue Code of 1986 to require disclosure by certain tax-exempt organizations of information relating to foreign contributions to such organizations.

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How Congress Voted

What Happened in Congress?

Pending

Not yet voted on the floor.

Where the Bill Stands

  1. Introduced, done
  2. Committee, done
  3. Floor Vote, current stage
  4. Outcome, not yet

What This Bill Does

This bill requires certain organizations exempt from federal income tax to report to the Internal Revenue Service (IRS) information related to contributions received from foreign nationals.

The bill applies to tax-exempt organizations described in Section 501(c) of the Internal Revenue Code (e.g., charities, social welfare organizations, labor organizations, and business or civics leagues) with (1) gross receipts for the preceding tax year of $200,000 or more, or (2) assets (determined at the close of the preceding tax year) of $500,000 or more.

Such tax-exempt organizations that are required to file a Form 990 series information return with the IRS must report (1) the aggregate amount of contributions received during the tax year from foreign nationals, and (2) the portion of those contributions received from foreign nationals from China, Iran, Korea, or Russia.

Under the bill, a tax-exempt organization may rely on the representation of the donor as to nationality unless the organization knows or should know that such representation is false.

Sponsors

Related Documents

Bill on Congress.govWeb Page ↗ (opens in a new tab)

Timeline

  1. House floor actionsReported (Amended) by the Committee on Ways and Means. H. Rept. 119-765.
  2. House committee actionsCommittee Consideration and Mark-up Session Held
  3. Library of CongressIntroduced in House
  4. House floor actionsReferred to the House Committee on Ways and Means.
  5. Introduced
  6. Committee

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