To amend section 527 of the Internal Revenue Code of 1986 to eliminate notification and return requirements for State and local party committees and candidate committees and avoid duplicate reporting by certain State and local political committees of information required to be reported and made publicly available under State law, and for other purposes.

Summary

Amends the Internal Revenue Code (IRC) to exempt State and local committees of candidates and of political parties from specified notification requirements. Exempts a "qualified State or local political organization" from specified reporting requirements. Defines "qualified State or local political organization." Requires an annual income tax return from political organizations only with respect to political organization taxable income. (Currently, such a return is required with respect to such income or if gross receipts exceed $25,000.) Exempts such returns from disclosure. Requires the filing of an annual information return by a political organization with gross receipts of $25,000 or more or with gross receipts of $100,000 or more in the case of a qualified State or local political organization, except for certain organizations including: (1) a State or local committee of a political party, or political committee of a State or local candidate; (2) a caucus or association of State or local officials; (3) an authorized committee of a candidate for Federal office; (4) a national committee of a political party; or (5) a U.S. House of Representatives or U.S. Senate campaign committee of a political party committee. Requires publicizing the effects of this Act and the interaction of IRC requirements with Federal Election Campaign Act of 1971 requirements. Permits the waiver of an organization's failure to comply tax if due to reasonable cause and not to willful neglect. Makes additional amendments to IRC section 527 (Political Organizations) concerning: (1) unsegregated funds; (2) penalty assessment and collection procedures; (3) electronic filing; (4) public availability of notices and reports; and (5) timing of notice of material change.

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Documents

12 official files

• Enrolled Bill (text)

  Enrolled Bill · EN

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• Enrolled Bill (PDF)

  Enrolled Bill · EN

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• Public Law (text)

  Public Law · EN · 2 November 2002

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• Public Law (PDF)

  Public Law · EN · 2 November 2002

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• Received in Senate (text)

  Received in Senate · EN · 17 October 2002

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• Received in Senate (PDF)

  Received in Senate · EN · 17 October 2002

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• Engrossed in House (text)

  Engrossed in House · EN · 16 October 2002

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• Engrossed in House (PDF)

  Engrossed in House · EN · 16 October 2002

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• Passed House without amendment

  summary · EN · 16 October 2002

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• Introduced in House (text)

  Introduced in House · EN · 10 October 2002

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• Introduced in House (PDF)

  Introduced in House · EN · 10 October 2002

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• Introduced in House

  summary · EN · 10 October 2002

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