Exempt Organization Reform Act of 1995

Summary

Exempt Organization Reform Act of 1995 - Amends the Internal Revenue Code to impose an excess benefit transactions excise tax on a disqualified person and on an organization manager. Defines excess benefit transaction as any transaction in which an economic benefit is provided by a tax-exempt organization to or for the use of a disqualified person, if the value of the benefit exceeds the value of the consideration. Defines disqualified person and organization manager. Requires 501(c)(3) and 501(c)(4) organizations to report certain excise taxes paid. Revises requirements concerning the public inspection of the returns of exempt organizations. Requires certain organizations to disclose, in a conspicuous and easily recognizable format, in an advertisement or solicitation the nonexempt status of such organization. Provides for a penalty, not to exceed $10,000, of $1,000 for each day on which a failure occurred to disclose such nonexempt status with respect to any advertisement or solicitation. Provides for an increase in penalties on exempt organizations for failure to file complete and timely annual returns. Provides for a larger penalty for exempt organizations having gross receipts exceeding $1,000,000 for any year.

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Timeline

1. 12 September 1995

   Introduced

   Introduced in House

   Source: IntroReferral

2. 12 September 1995

   Introduced

   Introduced in House

   Source: IntroReferral

3. 12 September 1995

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

4. 12 September 1995

   Introduced

   Sponsor introductory remarks on measure. (CR E1765-1766)

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 12 September 1995 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 12 September 1995

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 12 September 1995

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 12 September 1995

  Open at official source

Sponsors

• Rep. Stark, Fortney Pete [D-CA-9] · D · Sponsor
• Rep. Houghton, Amo [R-NY-34] · R · Sponsor
• · hswm00 · Standing

Related records

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