retary receives a notice from a political organi-
zation under section 527(i).’’.
(3) INSPECTION
BY
COMMITTEE
OF
CON-
GRESS.—Section 6104(a)(2) of such Code is amend-
ed by inserting ‘‘or notice of status of any political
organization which is exempt from taxation under
section 527 for any taxable year’’ after ‘‘taxable
year’’.
(4) PUBLIC INSPECTION MADE AVAILABLE BY
ORGANIZATION.—Section 6104(d) of such Code (re-
lating to public inspection of certain annual returns
and applications for exemption) is amended—
(A) by striking ‘‘AND APPLICATIONS FOR
EXEMPTION’’ and inserting ‘‘, APPLICATIONS
FOR EXEMPTION, AND NOTICES OF STATUS’’ in
the heading,
(B) by inserting ‘‘or notice of status under
section 527(i)’’ after ‘‘section 501’’ and by in-
serting ‘‘or any notice materials’’ after ‘‘mate-
rials’’ in paragraph (1)(A)(ii),
(C) by inserting or ‘‘or such notice mate-
rials’’ after ‘‘materials’’ in paragraph (1)(B),
and
(D) by adding at the end the following new
paragraph:
‘‘(6) NOTICE
MATERIALS.—For purposes of
paragraph (1), the term ‘notice materials’ means the
notice of status filed under section 527(i) and any
papers submitted in support of such notice and any
letter or other document issued by the Internal Rev-
enue Service with respect to such notice.’’.
(c) 
FAILURE
TO
MAKE
PUBLIC.—Section
6652(c)(1)(D) of the Internal Revenue Code of 1986 (re-
lating to public inspection of applications for exemption)
is amended—
(1) by inserting ‘‘or notice materials (as defined
in such section)’’ after ‘‘section)’’, and
(2) by inserting ‘‘AND
NOTICE
OF
STATUS’’
after ‘‘EXEMPTION’’ in the heading.
(d) EFFECTIVE DATE.—
(1) IN GENERAL.—Except as provided in para-
graphs (2) and (3), the amendments made by this
section shall take effect on the date of the enactment
of this section.
(2) ORGANIZATIONS ALREADY IN EXISTENCE.—
In the case of an organization established before the
date of the enactment of this section, the time to file
the notice under section 527(i)(2) of the Internal
Revenue Code of 1986, as added by this section,
shall be 30 days after the date of the enactment of
this section.
(3) INFORMATION AVAILABILITY.—The amend-
ment made by subsection (b)(2) shall take effect on
the date that is 45 days after the date of the enact-
ment of this section.
SEC. 2. DISCLOSURES BY POLITICAL ORGANIZATIONS.
(a) REQUIRED DISCLOSURE
OF 527 ORGANIZA-
TIONS.—Section 527 of the Internal Revenue Code of
1986 (relating to political organizations), as amended by
section 1(a), is amended by adding at the end the fol-
lowing new section:
‘‘(j) REQUIRED DISCLOSURE OF EXPENDITURES AND
CONTRIBUTIONS.—
‘‘(1) PENALTY FOR FAILURE.—In the case of—
‘‘(A) a failure to make the required disclo-
sures under paragraph (2) at the time and in
the manner prescribed therefor, or
‘‘(B) a failure to include any of the infor-
mation required to be shown by such disclo-
sures or to show the correct information,
there shall be paid by the organization an amount
equal to the rate of tax specified in subsection (b)(1)
multiplied by the amount to which the failure re-
lates.
‘‘(2) REQUIRED DISCLOSURE.—A political orga-
nization which accepts a contribution, or makes an
expenditure, for an exempt function during any cal-
endar year shall file with the Secretary either—
‘‘(A)(i) in the case of a calendar year in
which a regularly scheduled election is held—
‘‘(I) quarterly reports, beginning with
the first quarter of the calendar year in
which a contribution is accepted or expend-
iture is made, which shall be filed not later
than the 15th day after the last day of
each calendar quarter, except that the re-
port for the quarter ending on December
31 of such calendar year shall be filed not
later than January 31 of the following cal-
endar year,
‘‘(II) a pre-election report, which shall
be filed not later than the 12th day before
(or posted by registered or certified mail
not later than the 15th day before) any
election with respect to which the organiza-
tion makes a contribution or expenditure,
and which shall be complete as of the 20th
day before the election, and