Date: March 19, 2001
Creator: Morris, Marie B.
Description: On July 1, 2000, President Clinton signed H.R. 4762, P.L. 106-230. The law amended the Internal Revenue Code [IRC] to require political organizations described in IRC § 527 to disclose their political activities, if they were not already required to do so by the Federal Election Campaign Act [FECA]. This report summarizes the three major changes made by the law and some of the major responses to the legislation. First, all 527 organizations which expect to have over $25,000 in gross receipts during a taxable year and which are not required to report to the Federal Election Commission [FEC] are required to register with the IRS within 24 hours of their formation, whether they are involved in state, local, or federal elections. Second, 527 issue advocacy organizations, which previously reported neither to the IRS nor the FEC, are required to file regular disclosure statements with the IRS. Third, all 527 organizations with gross receipts in excess of $25,000 per year are required to file annual reports with the IRS. The registration statements, disclosure forms, and annual reports will be made public. H.R. 527 and S. 527 in the 107th Congress would exempt most state and local 527 organizations from the ...
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