SB5669: End Tax Breaks for Dark Money Act
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
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.
Plain-language summary
This bill would change tax rules for donations of valuable property to certain tax-exempt organizations. Currently, people who give appreciated property (like stocks that have increased in value) to political organizations pay capital gains tax on the profit. The bill would require the same tax treatment for donations to other tax-exempt groups, often called "dark money" organizations because they don't disclose their donors. Dark money groups are tax-exempt nonprofits that spend money on politics without revealing where their funding comes from. The bill is currently in the introduced stage, meaning it has been submitted to Congress but not yet assigned to a for review.
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SB5669: End Tax Breaks for Dark Money Act
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Sponsors
Sheldon Whitehouse
Primary SponsorCo-sponsors (7)
Catherine Cortez Masto
Peter Welch
Tina Smith
Jeff Merkley
Brian Schatz