A bill to amend the Internal Revenue Code of 1986 to require certain tax-exempt organizations to include on annual returns the names and addresses of substantial contributors, and for other purposes.
Spotlight Act
This bill renders null and void final Internal Revenue Service (IRS) regulations published on May 28, 2020, relating to the reporting requirements of tax-exempt organizations.
The bill requires tax-exempt organizations that fall under sections 501(c)(4), 501(c)(5), and 501(c)(6) of the Internal Revenue Code (e.g., social welfare organizations, labor organizations, business leagues) to disclose the names and addresses of all substantial contributors (persons who contribute more than $5,000 per year to such organizations) on their information returns.
The bill also eliminates the authority of the IRS to provide exceptions to the disclosure requirements for tax-exempt organizations. This provision does not apply to determinations made by the IRS before July 16, 2018.
Motion by Senator Schumer to reconsider the vote by which cloture on the motion to proceed to S. 2747 was not invoked (Record Vote No. 420) entered in Senate.
Motion to proceed to consideration of the motion to reconsider the vote by which cloture on the motion to concur in the House amendment to the Senate amendment to H.R. 5746 (Record Vote No. 9) withdrawn in Senate.
Referred to the House Committee on Ways and Means.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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