S.215 - Spotlight Act117th Congress (2021-2022) |
|Sponsor:||Sen. Tester, Jon [D-MT] (Introduced 02/03/2021)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 02/03/2021 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.215 — 117th Congress (2021-2022)All Information (Except Text)
Introduced in Senate (02/03/2021)
This bill renders null and void final Internal Revenue Service (IRS) regulations published on May 28, 2020, relating to the reporting requirements of tax-exempt organizations.
The bill requires tax-exempt organizations that fall under sections 501(c)(4), 501(c)(5), and 501(c)(6) of the Internal Revenue Code (e.g., social welfare organizations, labor organizations, business leagues) to disclose the names and addresses of all substantial contributors (persons who contribute more than $5,000 per year to such organizations) on their information returns.
The bill also eliminates the authority of the IRS to provide exceptions to the disclosure requirements for tax-exempt organizations. This provision does not apply to determinations made by the IRS before July 16, 2018.