,,ii  #aac? ,,congress  #a/ ,session    
,s4 #gia  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,april #bc1 #bjac ,mr4 
,wyd5 7= himself & ,ms4 ,murk[ski7      
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,f$]al   
,election ,campaign ,act ( #aiga & !    
,int]nal ,rev5ue ,code ( #aihf to       
require ! disclosure ( contributions &  
exp5ditures = indep5d5t ,f$]al          
election-relat$ activity1 & = o!r       
purposes4  #a4 ,%ort title1 etc  7a7    
,%ort title ,?is ,act may be cit$ z !   
,foll[ ! ,money ,act ( #bjac4  7b7      
,table ( cont5ts ,! table ( cont5ts (   
?is ,act is z foll[s3  ,sec4 #a4 ,%ort  
title1 etc4 ,,title ,i--,compreh5sive   
report+ ( indep5d5t ,f$]al              
election-relat$ exp5ditures &           
contributions ,sec4 #aja4 ,report+ (    
indep5d5t ,f$]al election-relat$        
activity exp5ditures & cov]$            
contributions4 ,sec4 #ajb4 ,increase 9  
report+ ?re%olds = c&idate only         

political committees4 ,sec4 #ajc4       
,in/ant disclosure sy/em =              
contributions4 ,sec4 #ajd4 ,modification
 ( rules relat+ to disclaim] /atem5ts   
requir$ = c]ta9 communications4 ,sec4   
#aje4 ,/atem5ts disav[+ communications4 
,sec4 #ajf4 ,fil+ by ,s5ate c&idates )  
commission4 ,,title ,,ii--,regulation ( 
indep5d5t ,f$]al election-relat$        
activity by tax-exempt entities ,sec4   
#bja4 ,excise tax on c]ta9 tax-exempt   
organizations fail+ to report           
election-relat$ exp5ditures4 ,sec4 #bjb4
 ,loss ( tax-exempt /atus = c]ta9       
organizations fail+ to regi/] or report 
election-relat$ exp5ditures &           
contributions4 ,sec4 #bjc4 ,section #ebg
 political organizations requir$ to file
 ) ,,fec4 ,sec4 #bjd4 ,application (    
:i/lebl[] protections4 ,,title          
,,iii--,o!r provisions ,sec4 #cja4 ,jo9t
 regulatory au?ority & advisory op9ions4
 ,sec4 #cjb4 ,d5ial ( bus9ess exp5se    
d$uctions = c]ta9 bus9esses fail+ to    
report donations & indep5d5t ,f$]al     

election-relat$ activity exp5ditures4   
,sec4 #cjc4 ,prohibition on             
discrim9ation aga9/ donors4 ,sec4 #cjd4 
,sev]ability4  ,i ,compreh5sive report+ 
( indep5d5t ,f$]al election-relat$      
exp5ditures & contributions  #aja4      
,report+ ( indep5d5t ,f$]al             
election-relat$ activity exp5ditures &  
cov]$ contributions  7a7 ,def9itions    
,section #ggja7;a7 ( ! ,int]nal ,rev5ue 
,code ( #aihf is am5d$ by add+ at ! end 
! foll[+ new p>agraphs3  7#ea7          
,indep5d5t ,f$]al election-relat$       
activity exp5diture  7,a7 ,9 g5]al ,!   
t]m indep5d5t ,f$]al election-relat$    
activity exp5diture means--  7i7 any    
exp5diture t--  7,i7 consid]+ ! facts & 
circum/ances1 a reasonable p]son w\ld   
conclude is made solely or sub/antially 
= ! purpose ( influ5c+ or attempt+ to   
influ5ce ! nom9ation or election ( any  
individual to any ,f$]al (fice 7includ+ 
an exp5diture = a public communication t
 promotes1 attacks1 supports1 or opposes
 a c&idate72 &  7,,ii7 t is n made 9    

conc]t or coop]ation )1 or at !         
sugge/ion ( a c&idate1 ! c&idate's      
au?oriz$ committee1 or a political p>ty 
committee2 &  7ii7 any paym5t made to   
ano!r p]son if ! transf]or kn[s or has  
reason to "k t su* paym5t w be us$ to   
fund an exp5diture describ$ 9 clause    
7i74  7,b7 ,regulations & advisory      
op9ions ,= au?ority ) respect jo9t      
regulations & advisory op9ions1 see     
section #cja ( ! ,foll[ ! ,money ,act ( 
#bjac4  7,c7 ,o!r t]ms ,= purposes ( ?is
 p>agraph1 ! t]ms c&idate1 ,f$]al (fice1
 election1 & public communication h !   
mean+ giv5 su* t]ms "u section #cja ( ! 
,f$]al ,election ,campaign ,act ( #aiga4
  7#eb7 ,cov]$ contribution  7,a7 ,9    
g5]al ,! t]m cov]$ contribution means   
any?+ ( value receiv$ by an indep5d5t   
political actor 7z def9$ 9 section      
#cea7a7 ( ! ,f$]al ,election ,campaign  
,act ( #aiga7 :i* c be us$ by su* p]son 
to make an indep5d5t ,f$]al             
election-relat$ activity exp5diture4    
7,b7 ,exceptions ,a receipt f ano!r     

p]son %all n be tak5 into acc\nt "u     
subp>agraph 7,a7--  7i7 if su* receipt  
occurr$ 9 a comm]cial transaction 9 !   
ord9>y c\rse ( bus9ess2  7ii7 to ! ext5t
 ( ! fair m>ket value ( any goods or    
s]vices provid$ by ! organization to su*
 p]son 9 consid]ation = su* am\nt2 or   
7iii7 if su* receipt 0 d]iv$ f inve/m5ts
 made by ! indep5d5t political actor 7z 
s def9$74  7,c7 ,regulations & advisory 
op9ions ,= au?ority ) respect jo9t      
regulations & advisory op9ions1 see     
section #cja ( ! ,foll[ ! ,money ,act ( 
#bjac4  4  7b7 ,regi/ration & report+   
,title ,,iii ( ! ,f$]al ,election       
,campaign ,act ( #aiga 7#b ,u4,s4,c4    
#dca7 is am5d$--  7#a7 by ins]t+ be=e   
section #cja ! foll[+3  ,a ,funds       
provid$ to c&idates  1  &  7#b7 by add+ 
at ! end ! foll[+ new subtitle3  ,b     
,disclosure ( o!r election-relat$       
exp5ditures & receipts  #cea4           
,def9itions ,9 ?is subtitle3  7#a7      
,indep5d5t political actor  7,a7 ,9     
g5]al ,! t]m indep5d5t political actor  

means1 ) respect to any ,f$]al election 
cycle1 any p]son t--  7i7 makes         
indep5d5t ,f$]al election-relat$        
activity exp5ditures ( #aj1jjj or m dur+
 su* ,f$]al election cycle2  7ii7       
receives contributions :i*--  7,i7 are  
int5d$ by ! transf]or & und]/ood by !   
recipi5t to be sub/antially us$ = mak+  
,indep5d5t ,f$]al election-relat$       
activity exp5ditures1 &  7,,ii7         
aggregate #aj1jjj or m dur+ su* ,f$]al  
election cycle2 or  7iii7 makes qualifi$
 solicitations to #ejj or m p]sons dur+ 
su* ,f$]al election cycle4  ,= purposes 
( clause 7iii71 ! t]m qualifi$          
solicitation means any solicitation :i* 
discloses to contributors t a portion ( 
funds receiv$ 9 response to !           
solicitation w be utiliz$ = indep5d5t   
,f$]al election-relat$ activity         
exp5ditures4  7,b7 ,exclusion (         
c&idate-only political committees ,! t]m
 indep5d5t political actor %all n       
include any political committee t       
exclusively makes contributions 7:e!r   

direct1 9-k9d1 or via coord9at$         
communications7 to c&idates4  7#b7      
,f$]al election cycle ,! t]m ,f$]al     
election cycle means ! p]iod beg9n+ on  
,janu>y #a ( any odd numb]$ ye> & end+  
on ,decemb] #ca ( ! foll[+ ye>4  7#c7   
,indep5d5t ,f$]al election-relat$       
activity exp5diture ,! t]m indep5d5t    
,f$]al election-relat$ activity         
exp5diture has ! mean+ giv5 su* t]m "u  
section #ggja7ea7 ( ! ,int]nal ,rev5ue  
,code ( #aihf4  7#d7 ,cov]$ contribution
 ,! t]m cov]$ contribution has ! mean+  
giv5 su* t]m "u section #ggja7eb7 ( !   
,int]nal ,rev5ue ,code ( #aihf4  #ceb4  
,organization ( indep5d5t political     
actors  7a7 ,p]sonnel  7#a7 ,9 g5]al    
,ea* indep5d5t political actor %all     
designate--  7,a7 a treasur]2 &  7,b7 a 
responsible individual4  7#b7 ,treasur] 
,z provid$ by ! ,commission 9           
regulations--  7,a7 ! treasur] ( an     
indep5d5t political actor %all h simil> 
duties & responsibilities ( ! treasur] (
 a political committee "u subsections   

7b71 7c71 & 7d7 ( section #cjb2 &  7,b7 
rules simil> to ! rules ( section       
#cjb7;i7 %all apply4  7#c7 ,jo9t &      
sev]al liability ,! treasur] &          
responsible individual %all be jo9tly & 
sev]ally liable ) ! indep5d5t political 
actor = any acts or omissions to :i* ?is
 ,act applies4  7b7 ,organization (     
acc\nts ( indep5d5t political actors    
7#a7 ,safe h>bor acc\nt ,ea* indep5d5t  
political actor may elect to h a        
segregat$ safe h>bor acc\nt ) respect to
 ea* ,f$]al election cycle consi/+ ( s  
mu* ( ! cov]$ contributions 7includ+    
dues7 receiv$ f a p]son dur+ ! ,f$]al   
election cycle z does n exce$ ! less]   
(--  7,a7 #a1jjj2 or  7,b7 ! am\nt (    
cov]$ contributions 7includ+ dues7      
receiv$ f su* p]son4  7#b7 ,supplem5tal 
contributions acc\nt ,ea* indep5d5t     
political actor may elect to h a        
segregat$ supplem5tal contribution      
acc\nt consi/+ ( ! dues & o!r cov]$     
contributions t--  7,a7 are receiv$ 9 t 
acc\nt2 &  7,b7 are to be us$ only = !  

purpose ( mak+ indep5d5t ,f$]al         
election-relat$ activity exp5ditures4   
#cec4 ,regi/ration  7a7 ,9 g5]al ,e     
p]son :o is an indep5d5t political actor
 ) respect to a ,f$]al election cycle   
%all file a regi/ration /atem5t ) !     
,commission n lat] ?an #aj days aft] su*
 p]son becomes an indep5d5t political   
actor )9 ! mean+ ( section #cea7a74  7b7
 ,cont5ts ( regi/ration /atem5t ,!      
regi/ration /atem5t %all include !      
foll[+3  7#a7 ,regi/rant in=mation ,! "n
 & address ( ! indep5d5t political      
actor1 ! treasur] ( ! indep5d5t         
political actor1 ! responsible          
individual ) respect to ! indep5d5t     
political actor1 & su* o!r in=mation z !
 ,commission may require4  7#b7 ,me?od =
 report+ contributions ,an election )   
respect to :i* ( ! foll[+ me?ods !      
indep5d5t political actor elects to use 
= report+ cov]$ contributions receiv$   
dur+ ! f$]al election cycle3  7,a7 ,all 
receipts ,a me?od "u :i* ! indep5d5t    
political actor elects to report all    

cov]$ contributions receiv$ dur+ !      
,f$]al election cycle4  7,b7 ,use ( safe
 h>bor contribution acc\nt ,a me?od "u  
:i* ! indep5d5t political actor elects  
to make indep5d5t ,f$]al election-relat$
 activity exp5ditures only f am\nts     
allocat$ to ! safe h>bor acc\nt ( !     
indep5d5t political actor4  7,c7 ,use ( 
supplem5tal contribution acc\nts ,a     
me?od "u :i* ! indep5d5t political      
actor--  7i7 elects to make indep5d5t   
,f$]al election-relat$ exp5ditures only 
f am\nts allocat$ to ! supplem5tal      
contributions acc\nt ( su* indep5d5t    
political actor2 &  7ii7 reports all    
cov]$ contributions made to !           
supplem5tal contribution acc\nt ( su*   
indep5d5t political actor4  7,d7 ,use ( 
safe h>bor & supplem5tal contribution   
acc\nts ,a me?od "u :i* ! indep5d5t     
political actor--  7i7 elects make      
indep5d5t ,f$]al election-relat$        
exp5ditures only f am\nts allocat$ to ! 
safe h>bor & supplem5tal contributions  
acc\nt ( su* indep5d5t political actor2 

&  7ii7 reports all cov]$ contributions 
made to ! supplem5tal contribution      
acc\nt ( su* indep5d5t political actor4 
7,e7 ,alt]native allocation plan ,a     
me?od "u :i* ! indep5d5t political actor
 elects to make indep5d5t ,f$]al        
election-relat$ exp5ditures & reports   
cov]$ contributions "u an alt]native    
allocation plan approv$ by !            
,commission4  ,an election "u ?is       
subsection %all apply to a ,f$]al       
election cycle & %all be irrevocable =  
su* ,f$]al election cycle4  7c7         
,regi/ration numb] ,! ,commission %all  
designate a regi/ration numb] = ea*     
indep5d5t political actor regi/]$ "u ?is
 subsection4  7d7 ,am5dm5ts ,any *ange 9
 in=mation previ\sly submitt$ 9 a       
regi/ration /atem5t ( an indep5d5t      
political actor %all be report$ n lat]  
?an #aj days aft] ! date ( ! *ange4     
#ced4 ,report+ by indep5d5t political   
actors  7a7 ,requirem5t ,to file  7#a7  
,9 g5]al ,e treasur] ( an indep5d5t     
political actor %all file a /atem5t ) ! 

,commission conta9+ ! in=mation describ$
 9 subsection 7b74  7#b7 ,tim+ ( report+
  7,a7 ,9 g5]al ,! /atem5t requir$ to be
 made "u p>agraph 7#a7 %all be fil$ ) ! 
,commission at ! times su* /atem5t w\ld 
be requir$ to be fil$ if su* p]son 7 an 
au?oriz$ political committee ( a        
c&idate4  7,b7 ,cov]$ contributions  7i7
 ,9 g5]al ,on & aft] ! date !           
,commission e/abli%es ! in/ant          
disclosure sy/em describ$ 9 section     
#ajc7;a7 ( ! ,foll[ ! ,money ,act (     
#bjac1 ea* treasur] ( an indep5d5t      
political actor :i* accepts a cov]$     
contribution %all file1 n lat] ?an ! "t 
provid$ "u clause 7ii71 a /atem5t ) !   
,commission conta9+ ! in=mation describ$
 9 clause 7iii74  7ii7 ,tim+ ( report+  
,! /atem5t requir$ to be made "u clause 
7i7 %all be fil$ ) ! ,commission--  7,i7
 9 ! case ( a cov]$ contribution made by
 *eck1 be=e ! date on :i* su* *eck has  
be5 ca%$ or deposit$ into an acc\nt ( ! 
indep5d5t political actor2  7,,ii7 9 !  
case ( a cov]$ contribution made by     

cr$it c>d or debit c>d1 )9 #dh h\rs ( ! 
receipt ( su* contribution2 &  7,,iii7 9
 any o!r case1 )9 #aj days ( ! receipt (
 su* contribution4  7iii7 ,cont5ts (    
/atem5t ,ea* /atem5t requir$ to be fil$ 
"u ?is clause %all conta9 ! in=mation   
requir$ "u subsection 7b77#b74  7b7     
,cont5ts ( /atem5t ,ea* /atem5t requir$ 
to be fil$ "u ?is subsection %all conta9
 ! foll[+3  7#a7 indep5d5t ,f$]al       
election-relat$ activity exp5ditures ,) 
respect to ea* indep5d5t ,f$]al         
election-relat$ activity exp5diture made
 by ! p]son--  7,a7 ,! date & am\nt (   
su* exp5diture4  7,b7 ,! "n & address ( 
! p]son to :om su* exp5diture is made4  
7,c7 ,! purpose ( ! exp5diture4  7,d7   
,:e!r su* exp5diture is 9 support (1 or 
9 opposition to1 a c&idate1 z well z !  
"n & (fice s\ght by su* c&idate4  7,e7  
,:e!r ! s\rce ( any ,f$]al-relat$       
activity exp5ditures 0 f--  7i7 ! safe  
h>bor acc\nt ( ! indep5d5t political    
actor1  7ii7 a supplem5tal contributions
 acc\nt ( ! indep5d5t political actor1  

or  7iii7 ano!r s\rce4  7#b7 ,cov]$     
contributions  7,a7 ,9 g5]al ,) respect 
to ea* cov]$ contribution1 subject to   
subp>agraphs 7,a71 7,b71 & 7,c71 ! date 
& am\nt ( ea* cov]$ contribution receiv$
 by an indep5d5t political actor4  7i7  
,all receipts me?od ,9 ! case ( any     
indep5d5t political actor :o has made an
 election "u section #ceb7;b77#b77;,a71 
! id5tification ( ea* p]son :o made     
cov]$ contributions to su* indep5d5t    
political actor dur+ ! ,f$]al election  
cycle4  7ii7 ,supplem5tal contributions 
acc\nts ,9 ! case ( an indep5d5t        
political actor :o has made an election 
"u section #cec7;b77#b77;,b71 !         
id5tification ( ea* p]son :o made a     
cov]$ contribution deposit$ into any su*
 acc\nt dur+ ! ,f$]al election cycle4   
7iii7 ,alt]native allocation plan ,9 !  
case ( an indep5d5t political actor :o  
ent]s into an alt]native allocation plan
 ) ! ,commission "u section             
#cec7;b77#b77;,c71 ! in=mation requir$  
to be report$ "u su* alt]native         

allocation plan4  7,b7 ,look ?r\gh      
report+ = c]ta9 transf]s ,9 ! case ( any
 cov]$ contribution receiv$ by an       
indep5d5t political actor :i* is a      
indep5d5t ,f$]al election-relat$        
activity exp5diture ( ano!r indep5d5t   
political actor 7h]e9aft] 9 ?is         
subp>agraph ref]r$ to z ! transf]or7 :i*
 is describ$ 9 clause 7ii7 ( section    
#ggja7;a77#ea77;,a7 ( ! ,int]nal ,rev5ue
 ,code ( #aihf1 ! indep5d5t political   
actor receiv+ su* cov]$ contribution    
%all attribute ! am\nt ( ! cov]$        
contribution to ! transf]ee & to ea*    
p]son id5tifi$ 9 a report ( ! transf]ee 
"u ?is p>agraph be=e ! date ( su*       
contribution 9 ! proportion t ! am\nt ( 
cov]$ contributions s id5tifi$ by !     
transf]ee 9 su* reports be>s to ! am\nt 
( ! cov]$ contribution receiv$ by !     
indep5d5t political actor4  7c7         
,confid5tiality protections ,!          
,commission may prescribe regulations to
 provide = an exception to ! public     
disclosure ( ! id5tity ( a p]son :o     

makes a cov]$ contribution "u ?is       
section if--  7#a7 ! aggregate su*      
contributions made by su* p]son 0 #e1jjj
 or less2 &  7#b7 su* p]son has         
demon/rat$ t disclosure ( ! p]son's     
id5tity w place ! p]son at a p>ticul>iz$
 & specific risk ( sub/antial injury to 
8 or h] p]son or bus9ess z a consequ5ce 
( ! disclosure4  #cee4 ,en=cem5t ,=     
purposes ( section #cji--  7#a7 a       
violation ( section #ced7;a7 %all be    
treat$ z a violation ( section #cjd7;a7 
= purposes ( subsection 7#d77;,c7 !re(1 
&  7#b7 ! am\nt requir$ to be paid "u   
any conciliation agreem5t or civil      
p5alty impos$ = a violation ( section   
#cjd or section #ced %all be r$uc$ by ! 
am\nt ( any tax impos$ & paid "u section
 #difi ( ! ,int]nal ,rev5ue ,code (     
#aihf4  4  7c7 ,coord9ation ) exi/+     
requirem5ts  7#a7 ,def9ition ( political
 committee ,section #cja7d7 ( ! ,f$]al  
,election ,campaign ,act ( #aiga 7#b    
,u4,s4,c4 #dcd7d77 is am5d$ by add+ at !
 end ! foll[+ flu% s5t5ce3  ,su* t]m    

%all n include any p]son :o is an       
indep5d5t political actor1 z def9$ 9    
section #cea7a744  7#b7 ,prohibition on 
transf] ( funds f political committees  
,section #cac7;b7 ( su* ,act 7#b        
,u4,s4,c4 #dci;a7b77 is am5d$ by add+ at
 ! end ! foll[+ new p>agraph3  7#c7     
,transf]s = indep5d5t ,f$]al            
election-relat$ activity exp5ditures ,a 
contribution to a political committee   
may n be--  7,a7 transf]r$ to a safe    
h>bor acc\nt or a supplem5tal           
contribution acc\nt ( an indep5d5t      
political actor 7z def9$ by section     
#cea72 or  7,b7 o!rwise us$ = an        
indep5d5t ,f$]al election-relat$        
activity exp5diture 7z def9$ 9 section  
#cea74  4  7#c7 ,t]m9ation ( duplicate  
report+ requirem5ts  7,a7 ,indep5d5t    
exp5ditures  7i7 ,9 g5]al ,section      
#cjd7;c7 ( su* ,act 7#b ,u4,s4,c4       
#dcd7;c77 is am5d$ by add+ at ! end !   
foll[+ new p>agraph3  7#d7 ,t]m9ation   
,?is subsection %all n apply to         
exp5ditures made aft] ,decemb] #ca1     

#bjad4  4  7ii7 ,con=m+ am5dm5t ,section
 #cjd77;g7 ( su* ,act 7#b ,u4,s4,c4     
#dcd7;g77 is am5d$ by add+ at ! end !   
foll[+ new p>agraph3  7#e7 ,t]m9ation   
,?is subsection %all n apply to         
exp5ditures made aft] ,decemb] #ca1     
#bjad4  4  7,b7 ,electione]+            
communications ,section #cjd7;f7 ( su*  
,act 7#b ,u4,s4,c4 #dcd7;f77 is am5d$ by
 add+ at ! end ! foll[+ new p>agraph3   
7#h7 ,t]m9ation ,p>agraph 7#a7 %all n   
apply to exp5ditures made aft] ,decemb] 
#ca1 #bjad4  4  7d7 ,effective date ,!  
am5dm5ts made by ?is section %all apply 
to contributions & exp5ditures made aft]
 ,decemb] #ca1 #bjad4  #ajb4 ,increase 9
 report+ ?re%olds = c&idate only        
political committees  7a7 ,9 g5]al      
,subp>agraphs 7,a7 & 7,f7 ( section     
#cjd7;b77#c7 ( ! ,f$]al ,election       
,campaign ,act ( #aiga 7#b ,u4,s4,c4    
#dcd7;b77#c77;,a77 are ea* am5d$ by     
/rik+ 9 excess ( #bjj & ins]t+ 9 excess 
( #a1jjj4  7b7 ,political committees    
,p>agraph 7#c7 ( section #cjd7;e7 ( su* 

,act 7#b ,u4,s4,c4 #dcd7;e77 is am5d$ to
 read z foll[s3  7#c7 ,itemization ,if a
 political committee has--  7,a7        
receipts to :i* ?is subsection applies f
 any p]son 9 excess ( #bjj = any cal5d> 
ye>1 or  7,b7 disbursem5ts to :i* ?is   
subsection applies to any p]son 9 excess
 ( #a1jjj = any cal5d> ye>1  ! political
 committee %all sep>ately itemize its   
report+ = su* p]son 9 ! same mann] z    
requir$ 9 p>agraphs 7#c77;,a71 7#e71 &  
7#f7 ( subsection 7b74  4  7c7          
,effective date ,! am5dm5ts made by ?is 
section %all apply to contributions &   
exp5ditures made aft] ,decemb] #ca1     
#bjad4  #ajc4 ,in/ant disclosure sy/em =
 contributions  7a7 ,9 g5]al ,n lat] ?an
 ,janu>y #a1 #bjae1 ! ,f$]al ,election  
,commission %all make available an      
in/ant disclosure sy/em = use 9 report+ 
contributions "u section #cjd ( ! ,f$]al
 ,election ,campaign ,act ( #aiga 7#b   
,u4,s4,c4 #dcd7 & cov]$ contributions "u
 section #ced ( su* ,act4 ,su* sy/em    
%all include a free int]net-bas$ sy/em  

or free s(tw>e ?r\gh :i* p>ticipants may
 report4  7b7 ,use ( sy/em by political 
committees ,section #cjd7;a7 ( ! ,f$]al 
,election ,campaign ,act ( #aiga 7#b    
,u4,s4,c4 #dcd7 is am5d$ by add+ at !   
end ! foll[+ new p>agraph3  7#ac7       
,report+ ( contributions = c]ta9        
political committees  7,a7 ,9 g5]al ,on 
& aft] ! date ! ,commission e/abli%es ! 
in/ant disclosure sy/em describ$ 9      
section #ajc7;a7 ( ! ,foll[ ! ,money    
,act ( #bjac1 ea* treasur] ( a political
 committee :i* accepts a reportable     
contribution %all file1 n lat] ?an ! "t 
provid$ "u subp>agraph 7,b71 a /atem5t )
 ! ,commission conta9+ ! in=mation      
describ$ 9 subp>agraph 7,c74  7,b7 ,tim+
 ( report+ ,! /atem5t requir$ to be made
 "u subp>agraph 7,a7 %all be fil$ ) !   
,commission--  7i7 9 ! case ( a         
reportable contribution made by *eck1   
be=e ! date on :i* su* *eck has be5 ca%$
 or deposit$ into an acc\nt ( !         
indep5d5t political actor2  7ii7 9 !    
case ( a reportable contribution made by

 cr$it c>d or debit c>d1 )9 #dh h\rs ( !
 receipt ( su* contribution2 &  7iii7 9 
any o!r case1 )9 #aj days ( ! receipt ( 
su* contribution4  7,c7 ,cont5ts (      
/atem5t ,ea* /atem5t requir$ to be fil$ 
"u ?is subsection %all conta9--  7i7 !  
id5tification ( ! p]son :o made !       
contribution1 &  7ii7 ! date & am\nt (  
ea* contribution made by su* p]son dur+ 
! f$]al election cycle4  7,d7           
,reportable contribution ,= purposes (  
?is p>agraph1 ! t]m reportable          
contribution means any contribution :i* 
w\ld be requir$ to be report$ by !      
political committee "u subp>agraphs 7,a7
 or 7,b7 ( subsection 7b77#c7 on a      
report submitt$ "u p>agraph 7#b71 7#c71 
or 7#d7 if su* report cov]$ activity    
?r\gh ! day ! /atem5t "u subp>agraph    
7,a7 7 fil$4  4  #ajd4 ,modification (  
rules relat+ to disclaim] /atem5ts      
requir$ = c]ta9 communications  7a7     
,apply+ requirem5ts to all indep5d5t    
,f$]al election-,relat$ activity        
exp5ditures ,section #cah7;a7 ( ! ,f$]al

 ,election ,campaign ,act ( #aiga 7#b   
,u4,s4,c4 #dda;d7a77 is am5d$ by /rik+  
or :5ev] any p]son makes a disbursem5t =
 ! purpose ( f9anc+ communications      
expressly advocat+ ! election or defeat 
( a cle>ly id5tifi$ c&idate1 or & ins]t+
 :5ev] an indep5d5t political actor     
makes a indep5d5t ,f$]al election-relat$
 activity exp5diture consi/+ ( a public 
communication1 or :5ev] any p]son4  7b7 
,/& by y\r ad requirem5ts  7#a7         
,ma9t5ance ( exi/+ requirem5ts =        
communications by political p>ties & o!r
 political committees ,section          
#cah7;d77#b7 ( su* ,act 7#b ,u4,s4,c4   
#dda;d7d77#b77 is am5d$--  7,a7 9 !     
head+1 by /rik+ o!rs & ins]t+ political 
committees2  7,b7 by /rik+ subsection   
7a7 & ins]t+ subsection 7a7 :i* is paid 
= by a political committee 7includ+ a   
political committee ( a political p>ty72
 &  7,c7 by /rik+ or o!r p]son ea* place
 x appe>s4  7#b7 ,special disclaim]     
requirem5ts = radio & television        
communications ,section #cah ( su* ,act 

7#b ,u4,s4,c4 #dda;d7 is am5d$ by add+  
at ! end ! foll[+ new subsection3  7e7  
,communications by o!rs  7#a7 ,9 g5]al  
,any communication describ$ 9 p>agraph  
7#c7 ( subsection 7a7 :i* is paid = by  
an indep5d5t political actor &          
transmitt$ ?r\gh radio or television    
%all include1 9 addition to !           
requirem5ts ( t p>agraph1 ! foll[+3     
7,a7 ,! "n ( ! indep5d5t political      
actor1 convey$ by audio4  7,b7 ,!       
regi/ration numb] ( ! indep5d5t         
political actor1 convey$ by audio4  7,c7
 ,! top #c fund]s ) respect to !        
regi/rant 7z describ$ 9 p>agraph 7#b771 
toge!r ) ! city or resid5ce ( ea* su*   
fund]1 unless1 on ! basis ( crit]ia     
e/abli%$ 9 regulations promulgat$ by !  
,commission1 ! communication is ( su*   
%ort duration t includ+ ! top #c fund]s 
) respect to ! regi/rant w\ld con/itute 
a h>d%ip to ! p]son pay+ = !            
communication by requir+ a              
disproportionate am\nt ( !              
communication's cont5t to consi/ ( ! top

 #c fund]s4  7#b7 ,top #c fund]s ,=     
purposes ( p>agraph 7#a71 ! top #c      
fund]s describ$ 9 ?is p>agraph are ! #c 
p]sons :o provid$ ! l>ge/ cov]$         
contributions to ! indep5d5t political  
actor dur+ ! ,f$]al election cycle4 ,!  
,commission %all provide = rules det]m9+
 ! top #c fund]s 9 any case 9 :i* #b or 
m p]sons are report$ z hav+ provid$     
cov]$ contributions4  7#c7 ,mann] (     
/atem5t ,! in=mation requir$ "u p>agraph
 7#a7  4  7#c7 ,application to c]ta9    
mass mail+s ,section #cah7;a77#c7 ( su* 
,act 7#b ,u4,s4,c4 #dda;d7a77#c77 is    
am5d$ to read z foll[s3  7#c7 if n      
au?oriz$ by a c&idate1 an au?oriz$      
political committee ( a c&idate1 or its 
ag5ts1 %all cle>ly /ate--  7,a7 ! "n &  
p]man5t /reet address1 telephone numb]1 
&1 if applicable1 ! ,_w ,wide ,web      
address ( ! p]son :o paid = !           
communication2  7,b7 if ! communication 
is a indep5d5t ,f$]al election-relat$   
activity exp5diture made by an indep5d5t
 political actor--  7i7 ! "n1           

regi/ration numb]1 & p]man5t /reet      
address1 telephone numb]1 &1 if         
applicable1 ! ,_w ,wide ,web address ( !
 indep5d5t political actor2  7ii7 ! "n (
 ! treasur] ( ! indep5d5t political     
actor2 &  7iii7 ea* p]son :o w\ld be    
includ$ 9 ! top #c fund]s :i* w\ld be   
submitt$ ) respect to ! communication if
 ! communication 7 transmitt$ ?r\gh     
television1 if any 7z det]m9$ 9         
accordance ) subsection 7e77#b72 &  7,c7
 t ! communication is n au?oriz$ by any 
c&idate or c&idate's committee4  4  7#d7
 ,application to political robocalls    
,section #cah ( su* ,act 7#b ,u4,s4,c4  
#dda;d71 z am5d$ by p>agraph 7#b71 is   
fur!r am5d$ by add+ at ! end ! foll[+   
new subsection3  7f7 ,special rules =   
political robocalls  7#a7 ,requir+      
communications to include c]ta9         
disclaim] /atem5ts ,any communication   
consi/+ ( a political robocall :i* w\ld 
be subject to ! requirem5ts ( subsection
 7e7 if ! communication 7 transmitt$    
?r\gh radio or television %all include !

 foll[+3  7,a7 ,! "n & city & /ate (    
resid5ce ( ! indep5d5t political actor4 
7,b7 ,! regi/ration numb] ( ! indep5d5t 
political actor4  7,c7 ,a phone numb]   
associat$ ) ! indep5d5t political actor 
:]e individuals may call ) que/ions &   
comm5ts & :i* is /aff$ dur+ all h\rs 9  
:i* su* political robocalls are made & =
 #a h\r aft] ! la/ su* political        
robocall 0 made4  7,d7 ,! top #c fund]s 
) respect to ! regi/rant 7z describ$ 9  
subsection 7e77#b774  7#b7 ,tim+ ( c]ta9
 /atem5t ,! /atem5ts requir$ to be      
includ$ "u p>agraph 7#a7 %all be made at
 ! beg9n+ ( ! political robocall1       
unless1 on ! basis ( crit]ia e/abli%$ 9 
regulations promulgat$ by ! ,commission1
 ! communication is ( su* %ort duration 
t includ+ ! /atem5t 9 ! communication   
w\ld con/itute a h>d%ip to ! p]son pay+ 
= ! communication by requir+ a          
disproportionate am\nt ( !              
communication's cont5t to consi/ ( !    
/atem5t4  7#c7 ,political robocall def9$
 ,9 ?is subsection1 ! t]m political     

robocall means any outb\nd telephone    
call--  7,a7 9 :i* a p]son is n         
available to speak ) ! p]son answ]+ !   
call1 & ! call in/ead plays a record$   
message2 &  7,b7 :i* promotes1 supports1
 attacks1 or opposes a c&idate =        
election = ,f$]al (fice4  4  7#e7       
,additional au?ority  7,a7 ,9 g5]al     
,section #cah ( su* ,act 7#b ,u4,s4,c4  
#dda;d71 z am5d$ by p>agraph 7#d71 is   
fur!r am5d$ by add+ at ! end ! foll[+   
new subsection3  7g7 ,c]ta9 requirem5ts 
det]m9$ by ! ,commission ,! ,commission 
may by regulation prescribe disclosure  
requirem5ts 9 addition to ^? requir$ by 
?is section = communications paid =     
?r\gh indep5d5t ,f$]al election-relat$  
activity exp5ditures1 includ+           
requirem5ts = communications us+ new    
te*nologies4  4  7,b7 ,rulemak+ ,n lat] 
?an ,augu/ #a ( ea* odd numb]$ ye>      
beg9n+ ) cal5d> ye> #bjae1 ! ,f$]al     
,election ,commission %all issue an     
advanc$ notice ( propos$ rulemak+ )     
respect to regulations "u section       

#cah7;g7 ( ! ,f$]al ,election ,campaign 
,act ( #aiga4  7c7 ,effective date ,!   
am5dm5ts made by ?is section %all apply 
to communications made aft] ,decemb]    
#ca1 #bjad1 & %all take effect )\t reg>d
 to :e!r or n ! ,f$]al ,election        
,commission has promulgat$ regulations  
to c>ry out su* am5dm5ts4  #aje4        
,/atem5ts disav[+ communications        
,section #cjd ( ! ,f$]al ,election      
,campaign ,act ( #aiga 7#b ,u4,s4,c4    
#dcd71 z am5d$ by ?is ,act1 is am5d$ by 
add+ at ! end ! foll[+ new subsection3  
7k7 ,/atem5ts ( disav[al  7#a7 ,9 g5]al 
,a c&idate or an au?oriz$ committee ( a 
c&idate may file ) ! ,commission a      
/atem5t disav[+ any public communication
 :i* is n made 9 coop]ation1            
consultation1 or conc]t ) su* c&idate or
 au?oriz$ committee4  7#b7 ,publication 
( /atem5t ,! ,commission %all make su*  
/atem5t publicly available on !         
,commission's website4  4  #ajf4 ,fil+  
by ,s5ate c&idates ) commission  7a7 ,9 
g5]al ,section #cjb7;g7 ( ! ,f$]al      

,election ,campaign ,act ( #aiga 7#b    
,u4,s4,c4 #dcb7;g77 is am5d$ to read z  
foll[s3  7g7 ,fil+ ) ! commission ,all  
designations1 /atem5ts1 & reports       
requir$ to be fil$ "u ?is ,act %all be  
fil$ ) ! ,commission4  4  7b7 ,effective
 date ,! am5dm5t made by subsection 7a7 
%all apply to designations1 /atem5ts1 & 
reports requir$ to be fil$ aft] ! date t
 is #b mon?s aft] ! date ( ! enactm5t ( 
?is ,act4  ,,ii ,regulation ( indep5d5t 
,f$]al election-relat$ activity by      
tax-exempt entities  #bja4 ,excise tax  
on c]ta9 tax-exempt organizations fail+ 
to report election-relat$ exp5ditures   
7a7 ,9 g5]al ,*apt] #db ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new sub*apt]3  ,h     
,report+ election-relat$ activity  ,sec4
 #difh4 ,taxes on failure to report     
c]ta9 election-relat$ activity4  #difh4 
,taxes on failure to report c]ta9       
election-relat$ activity  7a7 ,9 g5]al  
7#a7 ,on ! organization ,!re is h]eby   
impos$ on ea* failure to report describ$

 9 subsection 7b7 by a cov]$ tax-exempt 
organization a tax equal to #aj p]c5t ( 
! unreport$ am\nt4 ,! tax impos$ by ?is 
p>agraph %all be paid by ! organization4
  7#b7 ,on ! responsible p]son ,unless a
 failure to report describ$ 9 subsection
 7b7 is n due to neglig5ce or int5tional
 disreg>d1 !re is h]eby impos$ on !     
responsible individual ) respect to !   
organization to :i* ! failure to report 
relates1 a tax equal to #ba_/b p]c5t ( !
 am\nt !re(4 ,! tax impos$ by ?is       
p>agraph %all be paid by ! responsible  
individual4  7b7 ,failures ,to report   
describ$ 9 ?is subsection ,a failure to 
report is describ$ 9 ?is subsection if  
su* failure is a failure to report a    
cov]$ contribution or an indep5d5t      
,f$]al election-relat$ activity         
exp5diture "u section #ced ( su* ,act4  
,= purposes ( ?is section1 a failure to 
accurately report an am\nt %all be      
treat$ z a failure to report su* am\nt  
to ! ext5t ( ! diff]5ce betwe5 ! am\nt  
requir$ to be report$ & ! am\nt s       

report$4  7c7 ,r$uction 9 am\nt ( tax   
7#a7 ,taxes on ! organization ,! tax    
impos$ "u subsection 7a77#a7 %all be    
r$uc$ by any am\nt paid by su*          
organization 9 connection ) ! failure to
 report describ$ 9 subsection 7b7--     
7,a7 "u any conciliation agreem5t ) !   
,f$]al ,election ,commission "u section 
#cji ( ! ,f$]al ,election ,campaign ,act
 ( #aiga1 or  7,b7 "u a civil p5alty    
impos$ by ! ,commission4  7#b7 ,taxes on
 ! responsible individual ,! tax impos$ 
"u subsection 7a77#b7 %all be r$uc$ by  
any am\nt paid by su* responsible       
individual 9 connection ) ! failure to  
report describ$ 9 subsection 7b7--  7,a7
 "u any conciliation agreem5t ) ! ,f$]al
 ,election ,commission "u section #cji (
 ! ,f$]al ,election ,campaign ,act (    
#aiga1 or  7,b7 "u a civil p5alty impos$
 by ! ,commission4  7d7 ,o!r def9itions 
,= purposes ( ?is section--  7#a7 ,cov]$
 tax-exempt organization ,! t]m cov]$   
tax-exempt organization means any       
organization :i*--  7,a7 )\t reg>d to   

any failure describ$ 9 subsection 7b7-- 
7i7 w\ld be describ$ 9 section #eja7;c7 
& exempt f taxation "u section #eja7;a71
 or  7ii7 is a political organization 7z
 def9$ 9 section #ebg71 &  7,b7 is an   
indep5d5t political actor 7z def9$ 9    
section #cea7a7 ( su* ,act74  7#b7      
,responsible individual ,! t]m          
responsible individual means1 ) respect 
to any cov]$ tax-exempt organization1 ! 
individual designat$ z a responsible    
individual "u section #ceb7;a7 ( !      
,f$]al ,election ,campaign ,act ( #aiga4
  7e7 ,abatem5t ,if x is e/abli%$ to !  
satisfaction ( ! ,secret>y t a failure  
to report describ$ 9 subsection 7b7 0   
due to reasonable cause & n neglig5ce or
 int5tional disreg>d1 !n any tax impos$ 
"u subsection 7a7 ) respect to su*      
failure 7includ+ int]e/7 %all n be      
assess$ &1 if assess$1 ! assessm5t %all 
be abat$ &1 if collect$1 %all be cr$it$ 
or refund$ z an ov]paym5t4  4  7b7      
,con=m+ am5dm5t ,! table ( sub*apt]s =  
*apt] #db ( su* ,code is am5d$ by add+  

at ! end ! foll[+ new item3  ,,sub*apt] 
,h--,report+ election-relat$ activity  4
  7c7 ,effective date ,! am5dm5ts made  
by ?is section %all apply to            
contributions & exp5ditures made aft]   
,decemb] #ca1 #bjad4  #bjb4 ,loss (     
tax-exempt /atus = c]ta9 organizations  
fail+ to regi/] or report               
election-relat$ exp5ditures &           
contributions  7a7 ,9 g5]al ,"p ,i (    
sub*apt] ,f ( *apt] #a ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new section3  #ejf4   
,requirem5t to regi/] & report indep5d5t
 ,f$]al election-relat$ activity        
exp5ditures  7a7 ,9 g5]al  7#a7 ,loss ( 
tax-exempt /atus ,an organization       
describ$ 9 section #eja7;c7 %all n be   
exempt f taxation "u section #eja7;a71 &
 a political organization describ$ 9    
section #ebg %all n be exempt f tax "u  
su* section1 = any p]iod aft] ! date    
describ$ 9 p>agraph 7#b7 if su*         
organization is requir$ to regi/] "u    
section #cjc or #cec ( ! ,f$]al         

,election ,campaign ,act ( #aiga or     
report "u section #cjd or #ced ( su*    
,act & fails to d s or1 9 ! case ( a    
report "u su* section #cjd or #ced1     
files an inaccurate report4  7#b7 ,"t ( 
loss ( exemption ,! date describ$ 9 ?is 
p>agraph is ! date on :i* ! fir/ failure
 describ$ 9 p>agraph 7#a7 occurr$4  7b7 
,exceptions  7#a7 ,safe h>bor ,not)/&+  
subsection 7a71 an organization %all n  
fail to be treat$ z exempt f tax "u     
section #eja7;a7 or section #ebg if !   
sums = :i* !re 0 a failure to report "u 
section #cjd or #ced ( ! ,f$]al         
,election ,campaign ,act ( #aiga        
aggregates #be1jjj or less4  7#b7 ,be/  
ef=ts ,an organization %all n fail to be
 treat$ z exempt f tax "u section       
#eja7;a7 or section #ebg if ! ,secret>y 
det]m9es t ! treasur] or responsible    
p]son ) respect to su* organization 7)9 
! mean+ ( section #ceb ( ! ,f$]al       
,election ,campaign ,act ( #aiga7 has   
made be/ ef=ts to comply ) ! requirem5ts
 to :i* ! failure relates4 ,9 any case 9

 :i* su* failure relates to a failure to
 report ! id5tification 7z def9$ 9      
section #cja ( su* ,act7 ( a p]son1 su* 
be/ ef=ts %all n be consid]$ to h be5   
made unless ! treasur] or responsible   
p]son made ef=ts to contact ! p]son     
?r\gh multiple means ( communication &  
attempt$ to use publicly available      
in=mation to e/abli% su* id5tification4 
7c7 ,d5ial ( re9/atem5t ,any            
organization to :i* subsection 7a7      
applies1 & any responsible individual ) 
respect to su* organization 7z def9$ 9  
section #difh7;d77#b77--  7#a7 %all n be
 eligible to apply = exemption f        
taxation "u section #eja7;a71 &  7#b7   
%all n be treat$ z a political          
organization "u section #ebg1  be=e !   
end ( ! ,f$]al election cycle 7z def9$ 9
 section #cea7b7 ( ! ,f$]al ,election   
,campaign ,act ( #aiga7 9 :i* ! failure 
describ$ 9 subsection 7a7 occurr$4  7d7 
,reasonable cause exception ,if x is    
e/abli%$ to ! satisfaction ( ! ,secret>y
 t a failure describ$ 9 subsection      

7a77#a7 0 due to reasonable cause & n   
neglig5ce or int5tional disreg>d1 !n    
subsection 7a7 %all n apply4  4  7b7    
,con=m+ am5dm5ts  7#a7 ,section #eja7;a7
 ( su* ,code is am5d$ by /rik+ or #ejc &
 ins]t+ #ejc1 or #ejf4  7#b7 ,! table ( 
sections = "p ,i ( sub*apt] ,f ( *apt]  
#a ( su* ,code is am5d$ by add+ at ! end
 ! foll[+ new item3  ,sec4 #ejf4        
,requirem5t to regi/] & report indep5d5t
 ,f$]al election-relat$ activity        
exp5ditures4  4  7c7 ,effective date ,! 
am5dm5ts made by ?is section %all apply 
to contributions & exp5ditures made aft]
 ,decemb] #ca1 #bjad4  #bjc4 ,section   
#ebg political organizations requir$ to 
file ) ,,fec ,section #ebg7;j7 ( su*    
,code is am5d$ by add+ at ! end ! foll[+
 new p>agraph3  7#h7 ,nonapplication to 
indep5d5t political actors  7,a7 ,9     
g5]al ,9 ! case ( a political           
organization :i* is an indep5d5t        
political actor 7z def9$ 9 section #cea 
( ! ,f$]al ,election ,campaign ,act (   
#aiga7--  7i7 su* political organization

 %all file /atem5ts & reports 9         
accordance ) section #ced ( ! ,f$]al    
,election ,campaign ,act ( #aiga1 &     
7ii7 ?is subsection %all n apply )      
respect to in=mation requir$ to be      
includ$ on su* /atem5ts4  7,b7          
,cross-ref]5ce ,= failure to meet !     
requirem5ts ( subp>agraph 7,a71 see     
sections #ejf & #difh4  4  #bjd4        
,application ( :i/lebl[] protections    
,p>agraph 7#e7 ( section #gfbc7;b7 ( !  
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by /rik+ any action & ins]t+ any action 
:i* relates to a violation ( section    
#ejf or to any o!r action4  ,,iii ,o!r  
provisions  #cja4 ,jo9t regulatory      
au?ority & advisory op9ions  7a7        
,regulations & =ms  7#a7 ,jo9t          
regulations ,n lat] ?an ,septemb] #cj1  
#bjad1 ! ,secret>y ( ! ,treasury1 or !  
,secret>y's delegate1 & ! ,f$]al        
,election ,commission %all prescribe    
jo9t regulations ) respect to--  7,a7 ! 
def9itions ( ! t]ms indep5d5t ,f$]al    
election-relat$ activity exp5diture &   

cov]$ contribution1 z def9$ 9 section   
#ggja7;a7 ( ! ,int]nal ,rev5ue ,code (  
#aihf & section #cea ( ! ,f$]al         
,election ,campaign ,act ( #aiga1 z add$
 by ?is ,act1 &  7,b7 =ms & regulations 
necess>y to c>ry out ! regi/ration &    
reports requir$ "u sections #cec & #ced 
( ! ,f$]al ,election ,campaign ,act (   
#aiga4  7#b7 ,treasury regulations ,9 ! 
case t ! jo9t regulations describ$ 9    
p>agraph 7#a7 h n be5 prescrib$ by      
,septemb] #ca1 #bjad1 ! ,secret>y ( !   
,treasury1 or ! ,secret>y's delegate1   
%all prescribe su* regulations n lat]   
?an ,decemb] #a1 #bjad1 & su*           
regulations %all apply ) respect to !   
adm9i/ration1 application1 & en=cem5t ( 
! ,f$]al ,election ,campaign ,act (     
#aiga4  7#c7 ,rule ( con/ruction ,!     
regulations promulgat$ "u ?is subsection
 %all prescribe t ! sub/ance ( any      
transaction %all control ov] ! =m ( !   
transaction4  7b7 ,advisory op9ions     
7#a7 ,9 g5]al ,! ,secret>y ( !          
,treasury1 or ! ,secret>y's delegate1 9 

consultation ) ! ,f$]al ,election       
,commission1 %all issue advisory op9ions
 on reque/s relat+ to ! matt]s describ$ 
"u subsection 7a77#a74  7#b7 ,us] fees  
,! ,secret>y ( ! ,treasury is au?oriz$  
to impose us] fees to cov] ! co/s ( any 
advisory op9ions reque/$ "u p>agraph    
7#a71 & ! ,secret>y is au?oriz$ to      
transf] to ! ,f$]al ,election           
,commission1 & ! ,commission is au?oriz$
 to accept1 ! portion ( su* fees :i* is 
det]m9$ to be relat$ to co/s incurr$ by 
! ,commission 9 connection ) an advisory
 op9ion4  7#c7 ,s5se ( ,congress ,x is !
 s5se ( ,congress t advisory op9ions "u 
?is section %all be furni%$ )9 #cj days 
( ! reque/ unless public int]e/ requires
 o!rwise4  #cjb4 ,d5ial ( bus9ess exp5se
 d$uctions = c]ta9 bus9esses fail+ to   
report donations & indep5d5t ,f$]al     
election-relat$ activity exp5ditures    
7a7 ,d5ial ( d$uction = election-,relat$
 activity exp5ditures  7#a7 ,9 g5]al    
,p>agraph 7#a7 ( section #afb7;e7 ( !   
,int]nal ,rev5ue ,code ( #aihf is am5d$ 

to read z foll[s3  7#a7 ,9 g5]al ,no    
d$uction %all be all[$ "u subsection 7a7
 =--  7,a7 any indep5d5t ,f$]al         
election-relat$ activity exp5diture 7z  
def9$ 9 section #ggja7;a77#ea771 or     
7,b7 any am\nt paid or incurr$ 9        
connection )--  7i7 influ5c+            
legislation1  7ii7 p>ticipation 91 or   
int]v5tion 91 any political campaign on 
behalf ( 7or 9 opposition to7 any       
c&idate = public (fice1  7iii7 any      
attempt to influ5ce ! g5]al public1 or  
segm5ts !re(1 ) respect to elections1   
legislative matt]s1 or ref]5dums1 or    
7iv7 any direct communication ) a cov]$ 
executive bran* (ficial 9 an attempt to 
influ5ce ! (ficial actions or positions 
( su* (ficial4  4  7#b7 ,con=m+ am5dm5ts
  7,a7 ,section #afb7;e77#b77;,a7 ( su* 
,code is am5d$ by /rik+ p>agraph        
7#a77;,a7 & ins]t+ p>agraph             
7#a77;,b77i74  7,b7 ,section            
#afb7;e77#e77;,b7 ( su* ,code is am5d$  
by /rik+ p>agraph 7#a77;,a7 & 7,d7 ea*  
place x appe>s & ins]t+ p>agraph        

7#a77;,b77i7 & 7iv74  7,c7 ,section     
#fjcc7;e77#a77;,b77ii7 ( su* ,code is   
am5d$ by /rik+ subp>agraphs 7,a7 & 7,d7 
( section #afb7;e77#a7 & ins]t+ clauses 
7i7 & 7iv7 ( section #afb7;e77#a77;,b74 
7b7 ,exception to all[ance ( d$uction = 
am\nts exp5d$ on behalf ( ano!r p]son   
,subp>agraph 7,a7 ( section #afb7;e77#e7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$--  7#a7 by /rik+ ,9 ! case ( &    
ins]t+ ! foll[+3  7i7 ,9 g5]al ,except z
 provid$ 9 clause 7ii71 9 ! case (  1 & 
7#b7 by add+ at ! end ! foll[+ new      
clauses3  7ii7 ,exception n to apply )  
respect to c]ta9 organizations fail+ to 
file reports ,clause 7i7 %all n apply to
 any activity describ$ 9 p>agraph 7#a7  
:i* is a indep5d5t ,f$]al               
election-relat$ activity exp5diture 7z  
def9$ 9 section #ggja7;a77#ea77 unless !
 taxpay] has compli$ ) ! requirem5ts (  
sections #cjc1 #cjd1 #cec & #ced ( !    
,f$]al ,election ,campaign ,act ( #aiga4
  4  7c7 ,p5alty = improp]ly claim+     
d$uction  7#a7 ,9 g5]al ,section        

#fffb7;b7 ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$ by ins]t+ aft] p>agraph  
7#g7 ! foll[+ new p>agraph3  7#h7 ,any  
improp] indep5d5t ,f$]al election-relat$
 activity exp5diture d$uction4  4  7#b7 
,improp] election-relat$ activity       
exp5diture d$uction ,section #fffb ( su*
 ,code is am5d$ by add+ at ! end !      
foll[+ new subsection3  7k7 ,improp]    
indep5d5t ,f$]al election-relat$        
activity exp5diture d$uction ,= purposes
 ( ?is subsection1 ! t]m improp]        
indep5d5t ,f$]al election-relat$        
activity exp5diture d$uction means1 =   
any taxable ye>1 any portion ( an       
und]/atem5t = su* taxable ye> :i* is    
attributable to any indep5d5t ,f$]al    
election-relat$ activity exp5diture 7z  
def9$ 9 section #ggja7;a77#ea77         
improp]ly claim$ z a d$uction "u section
 #afb4  4  7d7 ,c]tification (          
compliance on tax return  7#a7 ,9 g5]al 
,! ,secret>y ( ! ,treasury1 or !        
,secret>y's delegate1 %all revise       
appropriate tax =ms to provide t ! *ief 

executive (fic] 7or ! equival5t7 ( any  
p]son claim+ a trade or bus9ess exp5se z
 a d$uction "u section #afb ( ! ,int]nal
 ,rev5ue ,code ( #aihf on an income tax 
return provide an answ] to ! foll[+     
que/ions on su* return3  7#a7 ,has !    
taxpay] made a indep5d5t ,f$]al         
election-relat$ activity exp5diture 7z  
def9$ 9 section #ggja7;a77#ea7 ( !      
,int]nal ,rev5ue ,code ( #aihf7 dur+ !  
p]iod cov]$ by ! tax return8  7#b7 ,has 
! taxpay] claim$ a d$uction = any       
indep5d5t ,f$]al election-relat$        
activity exp5diture 7z s def9$7 on ! tax
 return8  4  7#b7 ,p5alty ,section #gbjg
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by add+ at ! end ! foll[+ new     
s5t5ce3 ,any p]son requir$ to provide an
 answ] ) respect to election-relat$     
activity exp5ditures pursuant to section
 #cjc7;d77#a7 ( ! ,foll[ ! ,money ,act (
 #bjac :o willfully provides a false or 
fraudul5t answ] ) respect to su*        
exp5ditures %all be f9$ n m ?an         
#a1jjj1jjjj1 or imprison$ n m ?an #aj   

ye>s1 or bo?44  7e7 ,effective date     
7#a7 ,9 g5]al ,except z provid$ 9       
p>agraph 7#b71 ! am5dm5ts made by ?is   
section %all apply to taxable ye>s      
beg9n+ aft] ,decemb] #ca1 #bjad4  7#b7  
,c]tification & p5alty ,! am5dm5ts made 
by subsection 7d7 %all apply to returns 
requir$ to be fil$ aft] ,decemb] #ca1   
#bjad4  #cjc4 ,prohibition on           
discrim9ation aga9/ donors ,*apt] #dc ( 
title #ah1 ,unit$ ,/ates ,code1 is am5d$
 by add+ at ! end ! foll[+ new section3 
#aibe4 ,prohibition on discrim9ation    
aga9/ donors 9 connection ) ,f$]al      
elections  ,:oev]1 be+ an (fic] or      
employee ( ! ,unit$ ,/ates or ( any     
dep>tm5t or ag5cy !re(1 discrim9ates    
aga9/ any p]son on ! basis ( any        
in=mation report$ "u section #cjd or    
#ced ( ! ,f$]al ,election ,campaign ,act
 ( #aiga %all be f9$ "u ?is title #ah1  
or imprison$ n m ?an "o ye>1 or bo?2 &  
%all be remov$ f (fice or employm5t4  4 
#cjd4 ,sev]ability ,if any provision (  
?is ,act or any am5dm5t made by ?is     

,act1 or ! application ( a provision to 
any p]son or circum/ance1 is held to be 
uncon/itutional1 ! rema9d] ( ?is ,act & 
! am5dm5ts made by ?is ,act1 & !        
application ( ! provisions to any p]son 
or circum/ance1 %all n be affect$ by !  
hold+4