Sec. 2. Limiting authority of corporations to establish or operate separate segregated funds for political purposes to nonprofit corporations
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/bill/117/s/3528/is/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 316(b)(2)(C) of the Federal Election Campaign Act of 1971 ( 52 U.S.C. 30118(b)(2)(C) ) is amended by striking a corporation and inserting a nonprofit corporation . Section 316(b) of such Act ( 52 U.S.C. 30118(b) ) is amended by adding at the end the following new paragraph: For purposes of this section, the term nonprofit corporation means a corporation described in section 501(c) of the Internal Revenue Code of 1986 and exempt from taxation under section 501(a) of such Code, other than a corporation which is ineligible to be exempt from taxation under section 501(a) of such Code if it establishes a separate segregated fund under this subsection. .
Section 316(b) of such Act ( 52 U.S.C. 30118(b) ) is amended— in paragraph (4)(A)(i), by striking its stockholders and their families and ; in paragraph (4)(B)— by striking a corporation the first place it appears and inserting a nonprofit corporation ; by striking any stockholder, executive or administrative personnel, and inserting any executive or administrative personnel ; and by striking stockholders, executive or administrative personnel, and inserting executive or administrative personnel ; in paragraph (4)(D)— by striking stockholders and ; by striking such stockholders or personnel and inserting such personnel ; and by striking such stockholders and personnel and inserting such personnel ; and in paragraph (5), by striking stockholders and .
Section 317(b) of such Act ( 52 U.S.C. 30119(b) ) is amended— by striking any corporation and inserting any nonprofit corporation ; and by striking a corporation and inserting a nonprofit corporation .
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Sec. 2
Limiting authority of corporations to establish or operate separate segregated funds for political purposes to nonprofit corporations
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