Page:United States Statutes at Large Volume 114 Part 1.djvu/513

 PUBLIC LAW 106-230-^ULY 1, 2000 114 STAT. 477 Public Law 106-230 106th Congress An Act To amend the Internal Revenue Code of 1986 to require 527 organizations to July 1, 2000 disclose their political activities. [H.R. 4762] Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. REQUIRED NOTIFICATION OF SECTION 527 STATUS. (a) IN GENERAL.—Section 527 of the Internal Revenue Code of 1986 (relating to political organizations) is amended by adding 26 USC 527. at the end the following new subsection: "(i) ORGANIZATIONS MUST NOTIFY SECRETARY THAT THEY ARE SECTION 527 ORGANIZATIONS. — "(1) IN GENERAL.— Except as provided in paragraph (5), an organization shall not be treated as an organization described in this section— "(A) unless it has given notice to the Secretary, electronically and in writing, that it is to be so treated, or "(B) if the notice is given after the time required under paragraph (2), the organization shall not be so treated for any period before such notice is given. "(2) TIME TO GIVE NOTICE.— The notice required under para- Deadline, graph (1) shall be transmitted not later than 24 hours after the date on which the organization is established. "(3) CONTENTS OF NOTICE.— The notice required under paragraph (1) shall include information regarding— "(A) the name and address of the organization (including any business address, if different) and its electronic mailing address, "(B) the purpose of the organization, "(C) the names and addresses of its officers, highly compensated employees, contact person, custodian of records, and members of its Board of Directors, "(D) the name and address of, and relationship to, any related entities (within the meaning of section 168(h)(4)), and "(E) such other information as the Secretary may require to carry out the internal revenue laws. "(4) EFFECT OF FAILURE. —In the case of an organization failing to meet the requirements of paragraph (1) for any period, the taxable income of such organization shall be computed by taking into account any exempt function income (and any deductions directly connected with the production of such income). "(5) EXCEPTIONS. —T h is subsection shall not apply to any organization— 79-194O-00 - 17:QL3Part1

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