S. 3554 would amend federal tax law to allow the Secretary of the Treasury to revoke the tax-exempt status of organizations that provide material support to designated terrorist organizations. Under the bill, the Secretary would designate an organization as "terrorist supporting" if it provided more than a minimal amount of support to a terrorist organization during the previous three years. Organizations would receive a 90-day notice period to either prove they didn't provide the support, return the resources and pledge not to do so again, or challenge the Secretary's determination in federal court. Once designated, an organization would lose its tax-exempt status until the Secretary rescinds the designation. The bill includes exceptions for humanitarian aid and support approved by the State Department and Attorney General. The legislation would take effect upon enactment for designations made in taxable years after the bill becomes law.
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