A bill to amend section 527 of the Internal Revenue Code of 1986 to eliminate notification and return requirements for State and local 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.

Amends the Internal Revenue Code to: (1) exempt State and local candidate committees from specified notification requirements; (2) exempt State and local political committees from specified reporting and annual gross receipts-based return requirements; and (3) authorize the Secretary of the Treasury to waive certain related penalties.

Directs the Secretary to publicize the effects of the amendments made by this Act.