End Tax Breaks for Dark Money Act

Bill: 118-hr-7244
Sponsor: full_name: Rep. Chu, Judy [D-CA-28]
Introduced: 2024-02-06
Policy area: Taxation
Latest action: action_date: 2024-02-06
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2024-02-06
action_desc: Introduced in House
text: <p> <strong>End Tax Breaks for Dark Money Act </strong></p> <p>This bill extends the capital gains tax on transfers of appreciated property to certain tax-exempt social organizations (e.g., civics leagues, agricultural organizations, or business leagues). Currently, the tax is imposed only on transfers to political organizations.</p>

tv_txt: I 118th CONGRESS 2d Session H. R. 7244 IN THE HOUSE OF REPRESENTATIVES February 6, 2024 Ms. Chu (for herself, Ms. Schakowsky , Ms. Norton , Mr. Gomez , Mr. Raskin , Ms. Balint , Mr. Johnson of Georgia , Mrs. Ramirez , Mr. Davis of Illinois , Ms. Lee of Pennsylvania , Mr. García of Illinois , Mr. Grijalva , Ms. Tlaib , Mrs. Watson Coleman , and Ms. Williams of Georgia ) 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 treat transfers of appreciated property to certain tax-exempt organizations the same as transfers of appreciated property to political organizations.

1. Short title This Act may be cited as the End Tax Breaks for Dark Money Act . 2. Treatment of transfers of appreciated property to certain tax-exempt organizations (a) In general Subsections (a) and (b) of section 84 of the Internal Revenue Code of 1986 are each amended by striking political organization each place it appears and inserting specified organization . (b) Specified organization Section 84(c) of the Internal Revenue Code of 1986 is amended to read as follows: (c) Specified organization For purposes of this section, the term specified organization means— (1) any political organization (as defined in section 527(e)(1)), and (2) any organization described in paragraph (4), (5), or (6) of section 501(c). . (c) Clerical amendments (1) The heading of section 84 of the Internal Revenue Code of 1986 is amended by striking political and inserting specified . (2) The item relating to section 84 in the table of sections for part II of subchapter B of chapter 1 of such Code is amended to read as follows: Sec. 84. Transfer of appreciated property to specified organizations. . (d) Effective date The amendments made by this section shall apply to transfer after the date of the enactment of this Act, in taxable years ending after such date.