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.

February 17, 2005

Mr. ENGLISH of Pennsylvania (for himself and Mr. PUTNAM) introduced the following bill; which was referred to the Committee on Ways and Means

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 2005'.

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.

END