Foreign Funding Transparency Act

This bill, titled the "Foreign Funding Transparency Act," amends the Internal Revenue Code of 1986 to enhance transparency regarding foreign contributions to certain tax-exempt organizations. It mandates that "specified tax exempt organizations" include new information on their annual tax returns, specifically focusing on funds received from foreign sources. This aims to provide greater insight into the financial support these organizations receive from abroad. These organizations will be required to report the aggregate amount of contributions received from foreign nationals during the taxable year. Furthermore, they must separately disclose the aggregate amounts received from foreign nationals for each foreign country of concern . The bill defines "specified tax exempt organizations" as those with gross receipts exceeding $200,000 or assets exceeding $500,000 in the preceding year, and allows organizations to rely on donor representations regarding nationality unless they know or should have known the information is false. These new reporting requirements will apply to returns filed for taxable years beginning one year after the bill's enactment.