Detailed Summary

527 Transparency Act of 2007 - Amends the Internal Revenue Code to revise disclosure requirements for tax-exempt political organizations (527 organizations) to require monthly reporting of contributions and expenditures. Imposes a penalty tax on political organizations that fail to meet disclosure requirements. Denies a gift tax exclusion for donations to political organizations that fail to meet disclosure requirements.

Requires political organizations to file disclosure reports simultaneously with the Secretary of the Treasury and the Federal Election Commission (FEC).

Status of the Legislation

Latest Major Action: 2/27/2007: Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committee on House Administration, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Points in Favor

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Points Against

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