Putting Trust in Transparency Act

This legislative proposal aims to increase transparency for certain tax-exempt organizations by requiring the public disclosure of their non-federal funding sources. It amends the Internal Revenue Code of 1986 to mandate that 501(c) organizations receiving federal funding must make public their Schedule B of Form 990, which details contributions. Specifically, the bill requires the Internal Revenue Service to release the names, zip codes, and total contributions of donors to these organizations, unredacted, within 60 days of processing the form. Furthermore, it establishes a new penalty for non-compliance: any organization failing to file the required Schedule B will have its tax-exempt status revoked after notification and a 60-day grace period. These provisions will apply to returns filed for taxable years beginning after the bill's enactment.