Tax Exemption Accountability Act

Summary

Tax Exemption Accountability Act - Amends the Internal Revenue Code to impose a penalty tax, in the case of self-dealing transactions between disqualified persons and certain charitable tax-exempt organizations, on: (1) the organization; (2) the management; and (3) the beneficiary. Revokes the tax-exemption of such organizations for acts of self-dealing. Prohibits the net earnings of certain civic leagues and local associations from inuring to private shareholders or individuals. Increases the penalty on tax-exempt organizations for failure to file timely annual information returns. Increases the penalty for failure to permit public inspection of such returns. Directs the Secretary of the Treasury to establish a clearinghouse for public access to annual returns of exempt organizations.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 7 January 1997

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• Introduced in House (PDF)

  Introduced in House · EN · 7 January 1997

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• Introduced in House

  summary · EN · 7 January 1997

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