[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4384 Introduced in House (IH)]






108th CONGRESS
  2d Session
                                H. R. 4384

    To amend the Internal Revenue Code of 1986 to provide parity in 
 reporting requirements for national party committees and unregulated 
            political organizations, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 18, 2004

 Mr. English (for himself and Mr. Greenwood) introduced the following 
      bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
    To amend the Internal Revenue Code of 1986 to provide parity in 
 reporting requirements for national party committees and unregulated 
            political organizations, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Truth in Spending Act of 2004''.

SEC. 2. DISCLOSURE SCHEDULE.

    Paragraph (2) of section 527(j) of the Internal Revenue Code of 
1986 is amended to read as follows:
            ``(2) Required disclosure.--A political organization which 
        accepts a contribution, or makes an expenditure, for an exempt 
        function during any calendar year shall file with the 
        Secretary--
                    ``(A) except as provided in subparagraph (B), 
                monthly reports for the calendar year, beginning with 
                the first month of the calendar year in which a 
                contribution is accepted or expenditure is made, which 
                shall be filed not later than the twentieth day after 
                the last day of the month and shall be complete as of 
                the last day of the month,
                    ``(B) in lieu of filing the reports otherwise due 
                in November and December of any year in which a 
                regularly scheduled general election is held--
                            ``(i) a pre-election report, which shall be 
                        filed not later than the twelfth day before (or 
                        posted by registered or certified mail not 
                        later than the fifteenth day before) any 
                        election with respect to which the organization 
                        makes a contribution or expenditure, and which 
                        shall be complete as of the twentieth day 
                        before the election, and
                            ``(ii) a post-general election report, 
                        which shall be filed not later than the 
                        thirtieth day after the general election and 
                        which shall be complete as of the twentieth day 
                        after such general election, and
                    ``(C) a year end report not later than January 31 
                of the following calendar year.''

SEC. 3. EFFECTIVE DATE.

    The amendment made by section 2 shall apply with respect to 
contributions and expenditures for exempt functions made on and after 
the date of enactment of this Act.
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