Summary

Requires tax-exempt organizations that receive any federal funding during a taxable year to publicly disclose their Schedule B donor lists (unredacted contributor name, ZIP code, and total contribution) and makes failure to timely file those schedules an automatic basis for revoking 501(a) tax-exempt status. The Treasury/IRS must post processed schedules within 60 days and maintain a public list of revoked organizations; the rule applies to returns for taxable years beginning after enactment.

• Public disclosure of Schedule B (Form 990) for any 501(c)/501(a) organization that received federal funding during the taxable year is required.
• Disclosure must be unredacted for contributor name, ZIP code, and total contribution amount.
• The IRS must publish processed Schedule B data within 60 days of processing.
• Organizations that fail to file Schedule B by the return due date get an IRS notice and 60 days to comply; failure leads to automatic revocation of tax-exempt status.
• The Treasury/IRS must publish and maintain a public list of organizations whose tax-exempt status was revoked under this rule.
• Changes amend existing Internal Revenue Code reporting and disclosure provisions and update related cross-references.
• The rule applies to returns for taxable years beginning after enactment, not retroactively.
• The bill frames disclosure as oversight of organizations that receive federal funds and as information for the public about large donors.