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SECTION 1. INCREASED FREQUENCY OF DISCLOSURE BY POLITICAL
ORGANIZATIONS.

(a) In General.--Paragraph (2) of section 527(j) of the Internal
Revenue Code of 1986 (relating to required disclosure) is amended to
read as follows:
''(2) Required disclosures.--
''(A) In general.--A political organization which
accepts a contribution, or makes an expenditure, for an
exempt function during any calendar year shall file
with the Secretary the reports required by
subparagraphs (B) and (C).
''(B) Election years.--
''(i) monthly disclosures for
organizations receiving or expending $25,000 or
more in election year.--In the case of an
organization that has, or has reason to expect
to have, contributions which equal or exceed
$25,000, or expenditures which equal or exceed
$25,000, for an exempt function in a calendar
year in which a regularly scheduled election is
held, the reports required by this clause are
monthly reports, beginning with the first month
of the calendar year in which a contribution is
accepted or expenditure is made. Such reports
shall be filed not later than the 20th day
after the last day of the month and shall be
complete as of the last day of the month.
''(ii) Quarterly disclosures for
organizations receiving or expending less than
$25,000.--Except as provided by clause (i), in
the case of contributions accepted or
expenditures made during a calendar year in
which a regularly scheduled election is held,
the reports required by this clause are
quarterly reports, beginning with the first
quarter of the calendar year in which a
contribution is accepted or expenditure is
made. Such reports shall be complete as of the
last day of the quarter and shall be filed--
''(I) for each of the first three
calendar quarters not later than the
15th day after the last day of the
calendar quarter, and
''(II) for the calendar quarter
ending on December 31 not later than
January 31 of the following calendar
year.
''(iii) Change to monthly reporting when
contributions or expenditures in excess of
$25,000.--An organization which, at any time
during the election year, is required to report
under clause (ii), and receives contributions
in excess of $25,000 or makes expenditures in
excess of $25,000, shall be subject to clause
(i) beginning with the next reporting period in
which such excess first occurs. The first
report required in a calendar year under clause
(i) by reason of this clause shall include a
monthly report for each of the preceding months
of such calendar year in which the organization
would have been required to report under clause
(i) if such clause applied without regard to
this clause.
''(iv) Pre- and post- election reports.--
With respect to a regularly scheduled election,
the reports required by this clause are--
''(I) 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 organization makes a
contribution or expenditure and which
shall be complete as of the 20th day
before the election, and
''(II) a post-general election
report, which shall be filed not later
than the 30th day after the general
election and which shall be complete as
of the 20th day after such general
election.
''(C) Nonelection year.--In the case of a calendar
year other than a calendar year in which a regularly
scheduled election is held, the reports required by
this subparagraph are a report covering the period
beginning January 1 and ending June 30, which shall be
filed no later than July 31 and a report covering the
period beginning July 1 and ending December 31, which
shall be filed no later than January 31 of the
following calendar year,
''(D) Election to file monthly reports.--An
organization may elect to file 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. Each such report for a month shall
be filed not later than the 20th day after the last day
of the month and shall be complete as of the last day
of the month. In lieu of filing reports otherwise due
under this subparagraph in November and December of any
year in which a regularly scheduled general election is
held, a pre-general election report shall be filed in
accordance with subparagraph (B)(iv)(I), a post-general
election report shall be filed in accordance with
subparagraph (B)(iv)(II), and a year end report shall
be filed not later than January 31 of the following
calendar year.''.
(b) Effective Date.--The amendment made by this section shall apply
to years beginning after December 31, 2004.

SEC. 2. IMPROVED ELECTRONIC DISCLOSURE AND LINKAGE WITH FEDERAL
ELECTION COMMISSION.

(a) In General.--The Secretary of the Treasury, in consultation
with the Federal Election Commission, shall take such actions as may be
necessary to increase disclosure to the public by improving the
database and disclosure system for reports required to be filed by
political organizations under section 527 of the Internal Revenue Code
of 1986.
(b) Improved Linkage With Federal Election Commission.--The
Secretary of the Treasury and the Federal Election Commission shall
take such actions as may be necessary to improve the linkage between
the databases for public disclosure of election-related information
maintained by the Department of the Treasury and the Federal Election
Commission.
(c) Report to Congress.--The Secretary of the Treasury and the
Federal Election Commission shall each submit reports to the Congress
on the actions taken under subsections (a) and (b). The first report
shall be an interim report submitted not later than July 15, 2004, and
the second report shall be a final report submitted not later than
January 15, 2005.
(d) Authorization of Appropriations.--There is authorized to be
appropriated such sums as may be necessary to carry out this section.
Amends the Internal Revenue Code to revise disclosure requirements for tax-exempt political organizations. Requires such an organization to make monthly reports in any election year in which it accepts contributions or makes expenditures of $25,000 or more. Requires quarterly reports for organizations with less than $25,000 in contributions or expenditures, but requires a change to monthly reporting upon receipt of contributions in excess of $25,000 or the making of expenditures greater than $25,000. Requires: (1) pre-election and post-election reports; and (2) semiannual reports in years in which a regularly scheduled election is not held.

Requires: (1) the Secretary of the Treasury to take actions to increase disclosure to the public of tax-exempt political organization reporting; and (2) the Secretary and the Federal Election Commission (FEC) to take actions to improve the linkage between the databases for public disclosure of election related information maintained by the Department of the Treasury and the FEC.