To amend the Internal Revenue Code of 1986 to impose penalties with respect to contributions to political committees from certain tax exempt organizations that receive contributions from foreign nationals.
No Foreign Election Interference Act
This bill prohibits specified tax-exempt organizations from making contributions to political committees for eight years from the date of receiving a gift or contribution from a foreign national. Specified tax-exempt organization means, with respect to any taxable year, any organization described in Section 501(c) of the Internal Revenue Code (IRC) and exempt from tax under Section 501(a) of the IRC if (1) the gross receipts of such organization for such taxable year equal or exceed $200,000; or (2) the assets of such organization (determined as of the close of such taxable year) equal or exceed $500,000.
Any specified tax-exempt organization that makes such a contribution must pay a penalty that is 200% of the amount of such contribution.
The organization loses its tax-exempt status for any taxable year ending on or after the date of a third contribution.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Committee Consideration and Mark-up Session Held
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 39 - 1.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-649.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-649.
Placed on the Union Calendar, Calendar No. 546.
Mr. Smith (MO) moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H5270-5272; text: CR H5270)
DEBATE - The House proceeded with forty minutes of debate on H.R. 8314.
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Considered as unfinished business. (consideration: CR H5289)
Failed of passage/not agreed to in House On motion to suspend the rules and pass the bill, as amended Failed by the Yeas and Nays: (2/3 required): 218 - 181, 1 Present (Roll no. 418).
Roll Call #418 (House)On motion to suspend the rules and pass the bill, as amended Failed by the Yeas and Nays: (2/3 required): 218 - 181, 1 Present (Roll no. 418).
Roll Call #418 (House)checking server…
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