Foreign Funding Transparency Act

This bill would require certain tax-exempt organizations — like charities, social welfare groups, labor unions, and business leagues — to report information to the IRS about donations they receive from people who are not U.S. citizens. It applies to organizations that have at least $200,000 in yearly income or $500,000 in assets. These organizations would need to report the total amount of donations received from foreign individuals, and specifically how much came from people in China, Iran, Korea, or Russia. Organizations would be allowed to trust a donor's own statement about their nationality unless they know or have reason to believe it is false.

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