TBOR Featured in Bloomberg’s Money and Politics Report
The new Kilmer-Hanna legislation would require groups that are tax-exempt under Section 501(c) of the tax code to check a box on their annual returns filed with the Internal Revenue Service declaring that they did not use foreign donations for campaign activities, Kilmer’s statement said. The measure also would require these organizations to certify in reports filed with the Federal Election Commission that no foreign funds were used for independent campaign expenditures or other campaign-related spending.
In addition, the bill would require a Government Accountability Office study to examine corporate campaign activities to see if foreign funds are being used.
Kilmer’s office said the bill was endorsed by nonprofits supporting strong campaign finance regulations, including the Campaign Legal Center, Issue One and Take Back Our Republic, which has focused on building Republican support for controls on money in politics.
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