Bill > HR4622

This bill, titled the "Don't Weaponize the IRS Act," aims to amend the Internal Revenue Code to codify the Trump administration's rule on reporting requirements for tax-exempt organizations. The key provisions of the bill include: 1. Increasing the gross receipts threshold for organizations exempt from reporting requirements from $5,000 to $50,000. This will exempt more organizations from having to report their financial information to the IRS. 2. Expanding the types of organizations that are exempt from reporting, including any other organization described in Section 501(c) (other than private foundations or supporting organizations) and certain organizations with no significant activity in the U.S. other than investment activity. 3. Clarifying the application of reporting requirements to Section 527 organizations (political organizations) to align with the requirements for Section 501(c) organizations. 4. Removing the requirement for tax-exempt organizations to include the names and addresses of their contributors in their annual returns, except for Section 527 organizations, which must still report the names and addresses of substantial contributors. The amendments made by this bill would apply to taxable years ending after the date of the bill's enactment.

Budget and Finance

https://www.congress.gov/bill/118th-congress/house-bill/4622/all-info