Source: https://irc.bloombergtax.com/public/uscode/doc/irc/527
Timestamp: 2019-09-22 14:00:50
Document Index: 699059632

Matched Legal Cases: ['§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527', '§ 527']

Internal Revenue Code, § 527. Political Organizations
I.R.C. § 527(a) General Rule —
I.R.C. § 527(b) Tax Imposed —
I.R.C. § 527(c) Political Organization Taxable Income Defined
I.R.C. § 527(c)(1) Taxable Income Defined —
For purposes of this section, the political organization taxable income of any organization for any taxable year is an amount equal to the excess (if any) of—
I.R.C. § 527(c)(1)(A) —
I.R.C. § 527(c)(1)(B) —
I.R.C. § 527(c)(2) Modifications —
I.R.C. § 527(c)(2)(A) —
I.R.C. § 527(c)(2)(B) —
I.R.C. § 527(c)(2)(C) —
I.R.C. § 527(c)(3) Exempt Function Income —
For purposes of this subsection, the term “exempt function income” means any amount received as—
I.R.C. § 527(c)(3)(A) —
I.R.C. § 527(c)(3)(B) —
I.R.C. § 527(c)(3)(C) —
I.R.C. § 527(c)(3)(D) —
I.R.C. § 527(d) Certain Uses Not Treated As Income To Candidate —
For purposes of this title, if any political organization—
I.R.C. § 527(d)(1) —
I.R.C. § 527(d)(2) —
I.R.C. § 527(d)(3) —
I.R.C. § 527(e) Other Definitions —
I.R.C. § 527(e)(1) Political Organization —
The term “political organization” means a party, committee, association, fund, or other organization (whether or not incorporated) organized and operated primarily for the purpose of directly or indirectly accepting contributions or making expenditures, or both, for an exempt function.
I.R.C. § 527(e)(2) Exempt Function —
The term “exempt function” means the function of influencing or attempting to influence the selection, nomination, election, or appointment of any individual to any Federal, State, or local public office or office in a political organization, or the election of Presidential or Vice-Presidential electors, whether or not such individual or electors are selected, nominated, elected, or appointed. Such term includes the making of expenditures relating to an office described in the preceding sentence which, if incurred by the individual, would be allowable as a deduction under section 162(a).
I.R.C. § 527(e)(3) Contributions —
The term “contributions” has the meaning given to such term by section 271(b)(2).
I.R.C. § 527(e)(4) Expenditures —
The term “expenditures” has the meaning given to such term by section 271(b)(3).
I.R.C. § 527(e)(5) Qualified State Or Local Political Organization
I.R.C. § 527(e)(5)(A) In General —
The term “qualified State or local political organization" means a political organization—
I.R.C. § 527(e)(5)(A)(i) —
I.R.C. § 527(e)(5)(A)(ii) —
which is subject to State law that requires the organization to report (and it so reports)—
I.R.C. § 527(e)(5)(A)(ii)(I) —
I.R.C. § 527(e)(5)(A)(ii)(II) —
information regarding the person who makes such contribution or receives such expenditure, which would otherwise be required to be reported under this section, and
I.R.C. § 527(e)(5)(A)(iii) —
I.R.C. § 527(e)(5)(B) Certain State Law Differences Disregarded —
I.R.C. § 527(e)(5)(B)(i) —
I.R.C. § 527(e)(5)(B)(ii) —
I.R.C. § 527(e)(5)(B)(ii)(I) —
I.R.C. § 527(e)(5)(B)(ii)(II) —
I.R.C. § 527(e)(5)(B)(ii)(III) —
I.R.C. § 527(e)(5)(B)(ii)(IV) —
I.R.C. § 527(e)(5)(B)(ii)(V) —
I.R.C. § 527(e)(5)(B)(ii)(VI) —
I.R.C. § 527(e)(5)(B)(ii)(VII) —
I.R.C. § 527(e)(5)(C) De Minimis Errors —
I.R.C. § 527(e)(5)(D) Participation Of Federal Candidate Or Office Holder —
The term “qualified State or local political organization" shall not include any organization otherwise described in subparagraph (A) if a candidate for nomination or election to Federal elective public office or an individual who holds such office—
I.R.C. § 527(e)(5)(D)(i) —
I.R.C. § 527(e)(5)(D)(ii) —
I.R.C. § 527(e)(5)(D)(iii) —
I.R.C. § 527(f) Exempt Organization, Which Is Not Political Organization, Must Include Certain Amounts In Gross Income
I.R.C. § 527(f)(1) In General —
If an organization described in section 501(c) which is exempt from tax under section 501(a) expends any amount during the taxable year directly (or through another organization) for an exempt function (within the meaning of subsection (e)(2)), then, notwithstanding any other provision of law, there shall be included in the gross income of such organization for the taxable year, and shall be subject to tax under subsection (b) as if it constituted political organization taxable income, an amount equal to the lesser of—
I.R.C. § 527(f)(1)(A) —
I.R.C. § 527(f)(1)(B) —
I.R.C. § 527(f)(2) Net Investment Income —
For purposes of this subsection, the term “net investment income” means the excess of—
I.R.C. § 527(f)(2)(A) —
I.R.C. § 527(f)(2)(B) —
I.R.C. § 527(f)(3) Certain Separate Segregated Funds —
I.R.C. § 527(g) Treatment Of Newsletter Funds
I.R.C. § 527(g)(1) In General —
I.R.C. § 527(g)(2) Additional Modifications —
In the case of any fund described in paragraph (1)—
I.R.C. § 527(g)(2)(A) —
I.R.C. § 527(g)(2)(B) —
I.R.C. § 527(g)(3) Candidate —
For purposes of paragraph (1), the term “candidate" means, with respect to any Federal, State, or local elective public office, an individual who—
I.R.C. § 527(g)(3)(A) —
I.R.C. § 527(g)(3)(B) —
I.R.C. § 527(h) Special Rule For Principal Campaign Committees
I.R.C. § 527(h)(1) In General —
In the case of a political organization, which is a principal campaign committee, paragraph (1) of subsection (b) shall be applied by substituting “the appropriate rates” for “the highest rate”.
I.R.C. § 527(h)(2) Principal Campaign Committee Defined
I.R.C. § 527(h)(2)(A) In General —
For purposes of this subsection, the term “principal campaign committee” means the political committee designated by a candidate for Congress as his principal campaign committee for purposes of—
I.R.C. § 527(h)(2)(A)(i) —
section 302(e) of the Federal Election Campaign Act of 1971 (52 U.S.C. 30102(e)), and
I.R.C. § 527(h)(2)(A)(ii) —
I.R.C. § 527(h)(2)(B) Designation —
A candidate may have only 1 designation in effect under subparagraph (A)(ii) at any time and such designation—
I.R.C. § 527(h)(2)(B)(i) —
I.R.C. § 527(h)(2)(B)(ii) —
I.R.C. § 527(i) Organizations Must Notify Secretary That They Are Section 527 Organizations
I.R.C. § 527(i)(1) In General —
Except as provided in paragraph (5), an organization shall not be treated as an organization described in this section—
I.R.C. § 527(i)(1)(A) —
I.R.C. § 527(i)(1)(B) —
if the notice is given after the time required under paragraph (2), the organization shall not be so treated for any period before such notice is given, or, in the case of any material change in the information required under paragraph (3), for the period beginning on the date on which the material change occurs and ending on the date on which such notice is given.
I.R.C. § 527(i)(2) Time To Give Notice —
I.R.C. § 527(i)(3) Contents Of Notice —
The notice required under paragraph (1) shall include information regarding—
I.R.C. § 527(i)(3)(A) —
I.R.C. § 527(i)(3)(B) —
I.R.C. § 527(i)(3)(C) —
I.R.C. § 527(i)(3)(D) —
I.R.C. § 527(i)(3)(E) —
I.R.C. § 527(i)(3)(F) —
I.R.C. § 527(i)(4) Effect Of Failure —
In the case of an organization failing to meet the requirements of paragraph (1) for any period, the taxable income of such organization shall be computed by taking into account any exempt function income (and any deductions directly connected with the production of such income) or, in the case of a failure relating to a material change, by taking into account such income and deductions only during the period beginning on the date on which the material change occurs and ending on the date on which notice is given under this subsection. For purposes of the preceding sentence, the term “exempt function income” means any amount described in a subparagraph of subsection (c)(3), whether or not segregated for use for an exempt function.
I.R.C. § 527(i)(5) Exceptions —
This subsection shall not apply to any organization—
I.R.C. § 527(i)(5)(A) —
I.R.C. § 527(i)(5)(B) —
I.R.C. § 527(i)(5)(C) —
I.R.C. § 527(i)(6) Coordination With Other Requirements —
This subsection shall not apply to any person required (without regard to this subsection) to report under the Federal Election Campaign Act of 1971 (52 U.S.C. 30101 et seq.) as a political committee.
I.R.C. § 527(j) Required Disclosure Of Expenditures And Contributions
I.R.C. § 527(j)(1) Penalty For Failure —
I.R.C. § 527(j)(1)(A) —
I.R.C. § 527(j)(1)(B) —
I.R.C. § 527(j)(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 either—
I.R.C. § 527(j)(2)(A)
I.R.C. § 527(j)(2)(A)(i) —
in the case of a calendar year in which a regularly scheduled election is held—
I.R.C. § 527(j)(2)(A)(i)(I) —
I.R.C. § 527(j)(2)(A)(i)(II) —
I.R.C. § 527(j)(2)(A)(i)(III) —
I.R.C. § 527(j)(2)(A)(ii) —
I.R.C. § 527(j)(2)(B) —
I.R.C. § 527(j)(3) Contents Of Report —
I.R.C. § 527(j)(3)(A) —
I.R.C. § 527(j)(3)(B) —
I.R.C. § 527(j)(4) Contracts To Spend Or Contribute —
I.R.C. § 527(j)(5) Coordination With Other Requirements —
I.R.C. § 527(j)(5)(A) —
to any person required (without regard to this subsection) to report under the Federal Election Campaign Act of 1971 (52 U.S.C. 30101 et seq.) as a political committee,
I.R.C. § 527(j)(5)(B) —
I.R.C. § 527(j)(5)(C) —
I.R.C. § 527(j)(5)(D) —
I.R.C. § 527(j)(5)(E) —
I.R.C. § 527(j)(5)(F) —
I.R.C. § 527(j)(6) Election —
For purposes of this subsection, the term “election” means—
I.R.C. § 527(j)(6)(A) —
I.R.C. § 527(j)(6)(B) —
I.R.C. § 527(j)(6)(C) —
I.R.C. § 527(j)(6)(D) —
I.R.C. § 527(j)(7) Electronic Filing —
Any report required under paragraph (2) with respect to any calendar year shall be filed in electronic form.
I.R.C. § 527(k) Public Availability Of Notices And Reports
I.R.C. § 527(k)(1) In General —
I.R.C. § 527(k)(2) Access —
I.R.C. § 527(k)(2)(A) —
I.R.C. § 527(k)(2)(B) —
I.R.C. § 527(k)(2)(C) —
I.R.C. § 527(k)(2)(D) —
I.R.C. § 527(k)(2)(E) —
I.R.C. § 527(k)(2)(F) —
I.R.C. § 527(k)(2)(G) —
I.R.C. § 527(l) Authority To Waive —
The Secretary may waive all or any portion of the—
I.R.C. § 527(l)(1) —
I.R.C. § 527(l)(2) —
(Added by Pub. L. 93-625, 10(a), Jan. 3, 1975, 88 Stat. 2116, and amended by Pub. L. 94-455, title XIX, 1901(b)(33)(C), Oct. 4, 1976, 90 Stat. 1801; Pub. L. 95-502, title III, 302(a), Oct. 21, 1978, 92 Stat. 1702; Pub. L. 95-600, title III, 301(b)(6), Nov. 6, 1978, 92 Stat. 2821; Pub. L. 97-34, title I, 128(a), Aug. 13, 1981, 95 Stat. 203; Pub. L. 98-369, div. A, title IV, 474(r)(16), title VII, 722(c), July 18, 1984, 98 Stat. 843, 973; Pub. L. 99-514, title I, 112(b)(1), Oct. 22, 1986, 100 Stat. 2108; Pub. L. 100-647, title I, 1001(b)(3)(B), Nov. 10, 1988, 102 Stat. 3349; Pub. L. 106-230, Sec. 1(a), 2(a), July 1, 2000, 114 Stat. 477; Pub. L. 107-276, Sec. 1, 2, 5, 6, Nov. 2, 2002, 116 Stat. 1929; Pub. L. 113-295, Div. A, title II, Sec. 220(l), Dec. 19, 2014, 128 Stat. 4010; Pub. L. 115-97, Sec. 13001(b)(2)(D), Dec. 22, 2017, 131 Stat. 2054; Pub. L. 116-25, title III, Sec. 3101(b), July 1, 2019, 133 Stat. 981.)
2019 -Subsec. (j)(7). Pub. L. 116-25, Sec. 3101(b), amended par. (7) by striking “ if the organization has, or has reason to expect to have, contributions exceeding $50,000 or expenditures exceeding $50,000 in such calendar year”.
2017 -Subsec. (b)(2). Pub. L. 115-97, Sec. 13001(b)(2)(D)(i)-(ii), amended par. (2) by striking par. (2), and by striking all that precedes “is hereby imposed” and inserting: “(b) Tax Imposed.— A tax is hereby imposed for each taxable year on the political organization taxable income of every political organization. Such tax shall be computed by multiplying the political organization taxable income by the highest rate of tax specified in section 11(b).”
2014—Subsec. (h)(2)(A)(i). Pub. L. 113-295, Div. A, Sec. 220(l)(1), amended clause (i) by substituting “(52 U.S.C. 30102(e))” for “(2 U.S.C. 432(e))”.
Subsec. (i)(6). Pub. L. 113-295, Div. A, Sec. 220(l)(2), amended par. (6) by substituting “(52 U.S.C. 30101 et seq.)” for “(2 U.S.C. 431 et seq.)”.
Subsec. (j)(5)(A). Pub. L. 113-295, Div. A, Sec. 220(l)(2), amended subpar. (A) by substituting “(52 U.S.C. 30101 et seq.)” for “(2 U.S.C. 431 et seq.)”.
2002—Subsec. (e). Pub. L. 107-276, 2(b), added par. (5).
Subsec. (i)(1)(A). Pub. L. 107-276, 6(c), amended subpar. (A) by substituting “electronically” for “, electronically and in writing,”.
Subsec. (i)(1)(B). Pub. L. 107-276, 6(g)(1), amended subpar. (B) by inserting the language after “such notice is given”.
Subsec. (i)(2). Pub. L. 107-276, 6(g)(2), amended par. (2) by inserting the language after “organization is established”.
Subsec. (i)(3)(D)-(E). Pub. L. 107-276, 6(f), amended par. (3) by striking “and” at the end of subpar. (D); by redesignating subpar. (E) as subpar. (F); and by adding a new subpar. (E).
Subsec. (i)(4). Pub. L. 107-276, 6(a), amended par. (4) by adding the sentence at the end.
Subsec. (i)(4). Pub. L. 107-276, 6(g)(3), amended par. (4) by inserting the language after “production of such income)” in the first sentence.
Subsec. (i)(5). Pub. L. 107-276, 1(a), amended par. (5) by striking “or" at the end of subpar. (A); by substituting “, or” for the period at the end of subpar. (B); and by adding subpar. (C).
Subsec. (j)(1). Pub. L. 107-276, 6(b), amended par. (1) by adding the sentence at the end.
Subsec. (j)(3)(A). Pub. L. 107-276, 6(e)(1)(A), amended subpar. (A) by inserting “, date, and purpose” after “The amount”.
Subsec. (j)(3)(B). Pub. L. 107-276, 6(e)(1)(B), amended subpar. (B) by inserting “and date” after “the amount”.
Subsec. (j)(5). Pub. L. 107-276, 2(a), amended par. (5) by redesignating subpars. (C)-(E) as subpars. (D)-(F), respectively and by adding a new subpar. (C).
Subsec. (j)(7). Pub. L. 107-276, 6(e)(2), added par. (7).
Subsec. (k). Pub. L. 107-276, 5(a), added subsec. (k).
Subsec. (k)-(l). Pub. L. 107-276, 6(e)(3), redesignated subsec. (k), as added by Sec. 5(a) of Pub. L. 107-276, as subsec. (l) and added a new subsec. (k).
2000--Subsec. (i). Pub. L. 106-230, 1(a), added subsec. (i).
Subsec. (j). Pub. L. 106-230, 2(a), added subsec. (j).
1988--Subsec. (e)(2). Pub. L. 100-647 inserted at end “Such term includes the making of expenditures relating to an office described in the preceding sentence which, if incurred by the individual, would be allowable as a deduction under section 162(a).”
1986--Subsec. (g)(1). Pub. L. 99-514, 112(b)(1)(A), substituted “paragraph (3)” for “section 24(c)(2)”.
Subsec. (g)(3). Pub. L. 99-514, 112(b)(1)(B), added par. (3).
1984--Subsec. (g)(1). Pub. L. 98-369, 474(r)(16), substituted “section 24(c)(2)” for “section 41(c)(2)”.
Subsec. (h)(2)(B). Pub. L. 98-369, 722(c), inserted “Nothing in this subsection shall be construed to require any designation where there is only one political committee with respect to a candidate.”
1981--Subsec. (h). Pub. L. 97-34 added subsec. (h).
1978--Subsec. (b)(1). Pub. L. 95-600 substituted “Such tax shall be computed by multiplying the political organization taxable income by the highest rate of tax specified in section 11(b)” for “Such tax shall consist of a normal tax and a surtax computed as provided in section 11 as though the political organization were a corporation and as though the political organization taxable income were the taxable income referred to in section 11” and struck out provision that for purposes of this subsection, the surtax exemption provided by section 11(d) not be allowed.
Subsec. (c)(3)(D). Pub. L. 95-502 added subpar. (D).
1976--Subsec. (b)(2). Pub. L. 94-455 substituted “net capital gain” for “net section 1201 gain” after “organization has a”.
Amendments by Pub. L. 116-25, Sec. 3101(b), effective beginning after the date of the enactment of this Act [Enacted: July 1, 2019].
Sec. 3101(d)(2) provided the following transition relief:
“TRANSITIONAL RELIEF
“(A) SMALL ORGANIZATIONS.—
“(i) IN GENERAL.—In the case of any small organizations, or any other organizations for which the Secretary of the Treasury or the Secretary's delegate (hereafter referred to in this paragraph as the ‘‘Secretary’’) determines the application of the amendments made by this section would cause undue burden without a delay, the Secretary may delay the application of such amendments, but such delay shall not apply to any taxable year beginning on or after the date 2 years after of the enactment of this Act.
“(ii) SMALL ORGANIZATION.—For purposes of clause (i), the term ‘‘small organization’’ means any organization—
“(I) the gross receipts of which for the taxable year are less than $200,000; and
“(II) the aggregate gross assets of which at the end of the taxable year are less than $500,000.
“(B) ORGANIZATIONS FILING FORM 990–T.—In the case of any organization described in section 511(a)(2) of the Internal Revenue Code of 1986 which is subject to the tax imposed by section 511(a)(1) of such Code on its unrelated business taxable income, or any organization required to file a return under section 6033 of such Code and include information under subsection (e) thereof, the Secretary may delay the application of the amendments made by this section, but such delay shall not apply to any taxable year beginning on or after the date 2 years after of the enactment of this Act.”
Amendments by Pub. L. 115-97, Sec. 13001(b)(2)(D), effective for taxable years beginning after December 31, 2017.
Amendments by Pub. L. 113-295, Div. A, Sec. 220(l)(2), effective on the date of the enactment of this Act [Enacted: Dec. 19, 2014].
Amendments by Pub. L. 107-276, Sec. 1, effective as if included in the amendments made by Pub. L. 106-230.
Amendments by Pub. L. 107-276, Sec. 2, effective as if included in the amendments made by Pub. L. 106-230.
Amendments by Pub. L. 107-276, Sec. 5, effective for any tax assessed or amount imposed after June 30, 2000.
Amendments by Pub. L. 107-276, Sec. 6(a)-(b), effective for failures occurring on or after the date of the enactment of this Act [Enacted: Nov. 2, 2002].
Amendments by Pub. L. 107-276, Sec. 6(c), effective as if included in the amendments made by Pub. L. 106-230.
Amendments by Pub. L. 107-276, Sec. 6(e)(1) and (f), effective for reports and notices required to be filed more than 30 days after the date of the enactment of this Act [Enacted: Nov. 2, 2002].
Amendments by Pub. L. 107-276, Sec. 6(e)(2) and (3), effective for reports required to be filed on or after June 30, 2003.
Amendments by Pub. L. 107-276, Sec. 6(g), effective for material changes on or after the date of the enactment of this Act [Enacted: Nov. 2, 2002]. Sec. 6(h)(6)(B) provided the following transition rule:
“(B) TRANSITION RULE- In the case of a material change occurring during the 30-day period beginning on the date of the enactment of this Act [Enacted: Nov. 2, 2002], a notice under section 527(i) of the Internal Revenue Code of 1986 (as amended by this Act) shall not be required to be filed under such section before the later of--
“(i) 30 days after the date of such material change, or
“(ii) 45 days after the date of the enactment of this Act.”
Amendment by Pub. L. 106-230, Sec. 1(a), effective, except as otherwise provided, on the date of enactment [July 1, 2000]. Section 1(d)(2) provides as follows:
“(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 [Enactment date: July 1, 2000].”
Amendment by Pub. L. 106-230, Sec. 2(a), applicable to expenditures made and contributions received after the date of the enactment of this Act [July 1, 2000], except that such amendment shall not apply to expenditures made, or contributions received, after such date pursuant to a contract entered into on or before such date.
Amendment by section 474(r)(16) of Pub. L. 98-369 applicable to taxable years beginning after Dec. 31, 1983, and to carrybacks from such years, see section 475(a) of Pub. L. 98-369, set out as a note under section 21 of this title.
Section 722(c) of Pub. L. 98-369 provided that the amendment made by section 772(c) of Pub. L. 98-369 is effective for taxable years beginning after Dec. 31, 1981.
Section 128(b) of Pub. L. 97-34 provided that: “The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 1981.”
Amendment by section 301(b)(6) of Pub. L. 95-600 applicable to taxable years beginning after Dec. 31, 1978, see section 301(c) of Pub. L. 95-600, set out as a note under section 11 of this title.
EFFECTIVE DATE OF 1978 AMENDMENT; ELECTION CAMPAIGN CONTRIBUTIONS COLLATERAL
Section 302(b) of Pub. L. 95-502, as amended by Pub. L. 99-514, 2, Oct. 22, 1986, 100 Stat. 2095, provided that:
“(1) The amendment made by subsection (a) [amending this section] shall apply to taxable years beginning after December 31, 1974, except that notwithstanding any other provision of law to the contrary, no amounts held at the date of enactment of this bill [Oct. 21, 1978] by an organization described in section 527(e)(1) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954 ] in escrow, in separate accounts for the payment of Federal taxes, or in any other fund which are proceeds described in section 527(c)(3)(D) of such Code may be used, directly or indirectly, to make a contribution or expenditure (as defined in section 301(e) and (f) of the Federal Election Campaign Act of 1971; 2 U.S.C. 431(f)) in connection with any election held before January 1, 1979.
“(2) Such amounts as described in (1) above shall not be considered as security or collateral for any loan by any State or national bank or any other person or organization.”
Section 10(e) of Pub. L. 93-625 provided that: “The amendments made by subsections (a), (b), (c), and (d) [enacting this section and amending sections 501 and 6012 of this title] shall apply to taxable years beginning after December 31, 1974.”
NOTIFICATION OF INTERACTION OF REPORTING REQUIREMENTS
Sec. 4 of Pub. L. 107-276 provided the following:
“(a) IN GENERAL- The Secretary of the Treasury, in consultation with the Federal Election Commission, shall publicize--
“(1) the effect of the amendments made by this Act, and
“(2) the interaction of requirements to file a notification or report under section 527 of the Internal Revenue Codeof 1986 and reports under the Federal Election Campaign Act of 1971.
“(b) INFORMATION- Information provided under subsection (a) shall be included in any appropriate form, instruction, notice, or other guidance issued to the public by the Secretary of the Treasury or the Federal Election Commission regarding reporting requirements of political organizations (as defined in section 527 of the Internal Revenue Code of 1986) or reporting requirements under the Federal Election Campaign Act of 1971.”