No Foreign Election Interference Act

10/4/2024, 8:07 PM

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.

Congress
118
Number
HR - 8314
Introduced on
2024-05-08
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

9/6/2024
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
Failed in House
Introduced to Senate
Senate to Vote

Purpose and Summary

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.

Alternative Names
Official Title as IntroducedTo 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.
Policy Areas
Taxation
Potential Impact
Charitable contributions•
Elections, voting, political campaign regulation•
Tax administration and collection, taxpayers•
Tax-exempt organizations

Comments

Recent Activity

Latest Summary9/20/2024

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 ...

Latest Action9/17/2024
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).