Vote Smart's Synopsis:

Vote to pass a bill that prohibits the Internal Revenue Service (IRS) from issuing, revising, or finalizing any regulation that was in effect on January 1, 2010 regarding an organization that claims a tax exempt status under section 501(c)(4) of the Internal Revenue Code.

Highlights:

• Limits the qualifications that a social welfare organization is required to have in order to gain tax-exempt status to the following qualifications (Sec. 2):
• The organization is operated exclusively for the promotion of social welfare;
• The membership is limited to designated individuals in a single municipality;
• The net earnings are given to “charitable, educational, or recreational purposes;” and
• A private shareholder or individual is prohibited from benefitting from the net earnings.

• Prohibits the Secretary of the Treasury from issuing, revising, or finalizing a regulation, revenue ruling, or other guidance relating to the qualifications for tax-exempt status for a social welfare organization (Sec. 2).

• Specifies that the provisions of this bill will expire 1 year after the enactment date of the bill (Sec. 2).

Full Bill Text

Full Bill Text