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2 days ago

House committee passes Foreign Funding Transparency Act to expose foreign donations to nonprofits

Lawmakers are seeking to expose foreign nationals who may be funneling money and donations through tax-exempt organizations to political committees as the House Ways and Means Committee passed a bill that would revise reporting requirements for tax-exempt groups.The Foreign Funding Transparency Act, which passed 23-18 in the committee last Wednesday, would require tax-exempt organizations to collect and report to the Internal Revenue Service (IRS) donations received from foreign nationals."For far too long, foreign influence and interference have plagued our tax-exempt sector," committee Chair...