Spotlight Act

Hozzl · 2023-01-11T13:46:55Z

Explore the details of House Bill 774 Spotlight Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/11/2023, 1:46 PM

Summary of Bill HR 774

Bill 117 HR 774, also known as the Spotlight Act, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to increase transparency and accountability in government spending by requiring federal agencies to publicly disclose information about their expenditures.

The Spotlight Act mandates that federal agencies must publish detailed reports on their spending activities on a publicly accessible website. This includes information on contracts, grants, and other financial transactions. The goal of this requirement is to make it easier for the public to understand how taxpayer dollars are being used and to hold government agencies accountable for their spending decisions.

Additionally, the bill requires federal agencies to establish internal controls to ensure the accuracy and completeness of the financial information they report. This is intended to prevent fraud, waste, and abuse of taxpayer funds. Overall, the Spotlight Act aims to promote transparency and accountability in government spending by making financial information more readily available to the public. This increased transparency is seen as a way to improve government efficiency and effectiveness, as well as to build trust between the government and the American people.

Congressional Summary of HR 774

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.

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Current Status of Bill HR 774

Bill HR 774 is currently in the status of Bill Introduced since February 3, 2021. Bill HR 774 was introduced during Congress 117 and was introduced to the House on February 3, 2021. Bill HR 774's most recent activity was Referred to the House Committee on Ways and Means. as of February 3, 2021

Bipartisan Support of Bill HR 774

Total Number of Sponsors

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Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 774

Primary Policy Focus

Taxation

Potential Impact Areas

Administrative law and regulatory proceduresDepartment of the TreasuryGovernment information and archivesInternal Revenue Service (IRS)Labor-management relationsTax administration and collection, taxpayersTax-exempt organizations

Alternate Title(s) of Bill HR 774

Spotlight ActTo 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

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