The Foreign Funding Transparency Act would require tax-exempt organizations to disclose information about donations they receive from foreign sources on their annual tax returns. Specifically, organizations with over $200,000 in annual gross receipts or $500,000 in assets would need to report the total amount of contributions from foreign nationals and break down those amounts by country of origin, with special attention paid to countries designated as "countries of concern." The bill defines a foreign contribution based on the donor's citizenship (for individuals) or the country where an organization was established (for corporate or entity donors). Organizations can rely on donor representations about their nationality unless the organization has reason to believe the information is false. The disclosure requirement would take effect for tax returns filed starting one year after the law is enacted.
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