,i #aahth ,,congress #b;d ,session ,h4 ,r4 #fiac ,,in ,,the ,,house ,,of ,,representatives ,january #e1 #bjbd ,mr4 ,cartwright 7for himself1 ,ms4 ,kaptur1 and ,mr4 ,schiff7 introduced the following bill ,january #i1 #bjbd ,referred to the ,committee on ,ways and ,means1 and in addition to the ,committee on ,house ,administration1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to amend the ,federal ,election ,campaign ,act of #aiga to require corporations to disclose to their shareholders the amounts disbursed for certain political activity1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,openness in ,political ,expenditures ,now ,act or the ,,open ,act4 #b4 ,disclosure by corporations to shareholders of disbursements for political activity 7a7 ,disclosure required ,title ,,iii of the ,federal ,election ,campaign ,act of #aiga 7#eb ,u4,s4,c4 #cjaja et seq47 is amended by adding at the end the following new section3 #cbe4 ,disclosures by corporations to shareholders of information on disbursements for certain political activity 7a7 ,including information in regular periodic reports 7#a7 ,in general ,a corporation which submits regular1 periodic reports to its shareholders shall include in each such report1 in a clear and conspicuous manner1 the information described in paragraph 7#b7 with respect to the disbursements made by the corporation for covered political activity during the period covered by the report1 but only if the amount of the disbursement made for such activity during the period covered by the report equals or exceeds the applicable threshold for the activity described in paragraph 7#c74 7#b7 ,information described ,the information described in this paragraph is1 for each disbursement for covered political activity-- 7,a7 the date of the disbursement2 7,b7 the amount of the disbursement2 7,c7 in the case of a disbursement consisting of an independent expenditure or an electioneering communication1 or in the case of a covered political activity described in subsection 7c77#c71 the name of the candidate identified in the independent expenditure or electioneering communication involved1 the ,commission ,,id assigned to the candidate1 and the office sought by the candidate2 and 7,d7 in the case of a covered political activity described in subsection 7c77#d71 the identification of the association or organization to whom the disbursement was made1 and the ,commission ,,id 7if any7 assigned to the association or organization4 7#c7 ,applicable threshold for disclosure ,for purposes of paragraph 7#a71 the applicable threshold with respect to a disbursement for covered political activity during a period covered by a report is as follows3 7,a7 ,in the case of covered political activity consisting of an independent expenditure1 #bej4 7,b7 ,in the case of covered political activity consisting of an electioneering communication or a communication described in subsection 7c77#c71 #aj1jjj4 7,c7 ,in the case of covered political activity consisting of a payment described in subsection 7c77#d71 the amount of the limitation on contributions which is in effect under section #cae7;a77#a77;,c7 as of the last day of the period4 7b7 ,submission of statement to ,commission 7#a7 ,submission of statement ,if a corporation includes information in a report pursuant to this section1 at the time the corporation submits the report to its shareholders1 the corporation shall file a statement with the ,commission consisting of the information included in the report pursuant to this section4 7#b7 ,hyperlink to information 7,a7 ,requiring posting of hyperlink ,if a corporation maintains an internet site1 the corporation shall post on such internet site a hyperlink from its homepage to the location on the internet site of the ,commission which contains the statement filed by the corporation under paragraph 7#a74 7,b7 ,deadline2 duration of posting ,the corporation shall post the hyperlink described in subparagraph 7,a7 not later than #bd hours after the ,commission posts the statement filed by the corporation under paragraph 7#a7 on the internet site of the ,commission1 and shall ensure that the hyperlink remains on the internet site of the corporation until the expiration of the #a-year period which begins on the date of the election with respect to which the disbursements included in the statement are made4 7c7 ,covered political activity defined ,in this section1 the term covered political activity means each of the following3 7#a7 ,an independent expenditure 7as defined in section #cja7ag774 7#b7 ,an electioneering communication 7as defined in section #cjd7;f77#c774 7#c7 ,a communication which would be treated as an electioneering communication under section #cjd7;f77#c7 if the communication had been a broadcast1 cable1 or satellite communication4 7#d7 ,the payment of dues or other amounts to a trade association or to a section #eja7;c77#d7 organization4 7d7 ,other definitions ,in this section1 the following definitions apply3 7#a7 ,the term corporation means any corporation which is subject to section #caf7;a74 7#b7 ,the term section #eja7;c77#d7 organization means any organization described in paragraph 7#d7 of section #eja7;c7 of the ,internal ,revenue ,code of #aihf and exempt from tax under section #eja7;a7 of such ,code4 4 7b7 ,effective date ,the amendment made by subsection 7a7 shall apply with respect to reports described in section #cbe7;a77#a7 of the ,federal ,election ,campaign ,act of #aiga 7as added by subsection 7a77 which are filed after the expiration of the #ij-;day period which begins on the date of the enactment of this ,act4 #c4 ,limitation on engaging in covered political activities by social welfare organizations 7a7 ,in general ,section #eja7;c77#d7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following3 7,c7 7i7 ,subparagraph 7,a7 shall not apply to an entity for a taxable year if the total expenditures of such entity for the taxable year for covered political activity exceed the lesser of-- 7,i7 #aj percent of the total expenditures of such entity for the taxable year1 or 7,,ii7 #aj1jjj1jjj4 7ii7 ,subparagraph 7,a7 shall not apply to an entity for a taxable year unless its governing instrument includes provisions the effects of which are to prohibit the expenditures of the entity for a covered political activity from exceeding the threshold specified in clause 7i74 7iii7 ,for purposes of this subparagraph1 the term covered political activity means-- 7,i7 any activity described in paragraphs 7#a7 through 7#c7 of section #cbe7;c7 of the ,federal ,election ,campaign ,act of #aiga1 and 7,,ii7 any payment by the entity to any other entity described in this paragraph or to an organization described in paragraph 7#f7 which the payor entity knows1 or has reason to know1 will be used directly or indirectly by the payee entity or organization for any activity referred to in subclause 7,i74 7iv7 ,clause 7i7 shall not apply for a taxable year for which the #aj-percent threshold specified in clause 7i77,i7 is exceeded by not more than a de minimis amount if the ,secretary determines that the reason for exceeding the threshold was not willful and is due to reasonable cause4 7v7 ,the ,secretary shall prescribe such regulations as may be necessary or appropriate to prevent the avoidance of clause 7i71 including regulations relating to a direct or indirect transfer of all or part of the assets of an entity to an entity controlled 7directly or indirectly7 by the same person or persons who control the transferor entity4 4 7b7 ,effective date ,the amendment made by subsection 7a7 shall apply to taxable years beginning after the date of the enactment of this ,act4 #d4 ,severability ,if any provision of this ,act or amendment made by this ,act1 or the application of a provision or amendment to any person or circumstance1 is held to be unconstitutional1 the remainder of this ,act and amendments made by this ,act1 and the application of the provisions and amendment to any person or circumstance1 shall not be affected by the holding4