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Spotlight Act
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.
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.
Read the Full Bill
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
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
16Democrat Cosponsors
16Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 774
Primary Policy Focus
TaxationPotential Impact Areas
- Administrative law and regulatory procedures
- Department of the Treasury
- Government information and archives
- Internal Revenue Service (IRS)
- Labor-management relations
- Tax administration and collection, taxpayers
- Tax-exempt organizations
Alternate Title(s) of Bill HR 774
Spotlight Act
To 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
Comments
Sponsors and Cosponsors of HR 774
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