Page:United States Statutes at Large Volume 114 Part 1.djvu/515

 PUBLIC LAW 106-230^JULY 1, 2000 114 STAT. 479 (A) by striking "AND APPLICATIONS FOR EXEMPTION" and inserting ", APPLICATIONS FOR EXEMPTION, AND NOTICES OF STATUS" in the heading; (B) by inserting "or notice of status under section 527(i)" after "section 501" and by inserting "or any notice materials" after "materials" in paragraph (l)(A)(ii); (C) by inserting or "or such notice materials" after "materials" in paragraph (1)(B); and (D) by adding at the end the following new paragraph: " (6) NOTICE MATERIALS.—For purposes of paragraph (1), the term 'notice materials' means the notice of status filed under section 527(i) and any papers submitted in support of such notice and any letter or other document issued by the Internal Revenue Service with respect to such notice.". (c) FAILURE TO MAKE PUBLIC—Section 6652(c)(1)(D) of the Internal Revenue Code of 1986 (relating to public inspection of 26 USC 6652. applications for exemption) is amended— (1) by inserting "or notice materials (as defined in such section)" after "section)"; and (2) by inserting "AND NOTICE OF STATUS" after "EXEMPTION" in the heading. (d) EFFECTIVE DATE.— 26 USC 527 note. (1) IN GENERAL.— Except as provided in paragraphs (2) and (3), the amendments made by this section shall take effect on the date of the enactment of this section. (2) ORGANIZATIONS ALREADY IN EXISTENCE. —In the case Deadline, of an organization established before the date of the enactment of this section, the time to file the notice under section 527(i)(2) of the Internal Revenue Code of 1986, as added by this section, shall be 30 days after the date of the enactment of this section. (3) INFORMATION AVAILABILITY. —The amendment made by subsection (b)(2) shall take effect on the date that is 45 days after the date of the enactment of this section. SEC. 2. DISCLOSURES BY POLITICAL ORGANIZATIONS. (a) REQUIRED DISCLOSURE OF 527 ORGANIZATIONS. —Section 527 of the Internal Revenue Code of 1986 (relating to political organizations), as amended by section 1(a), is amended by adding at the end the following new section: "(j) REQUIRED DISCLOSURE OF EXPENDITURES AND CONTRIBU- TIONS.— "(1) PENALTY FOR FAILURE.—In the case of— "(A) a failure to make the required disclosures under paragraph (2) at the time and in the manner prescribed therefor, or "(B) a failure to include any of the information required to be shown by such disclosures or to show the correct ^ information, there shall be paid by the organization an amount equal to jthe rate of tax specified in subsection (b)(1) multiplied by the /amount to which the failure relates. "(2) REQUIRED DISCLOSURE. — A political organization which accepts a contribution, or makes an expenditure, for an exempt function during any calendar year shall file with the Secretary either— "(A)(i) in the case of a calendar year in which a regularly scheduled election is held— 26 USC 527. Reports. Effective dates. Deadlines.

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