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![handle is hein.congrecreports/crptxagml0001 and id is 1 raw text is: AUT-ENTICATED
US. GOVERNMENT
INFORMATION
GP
118TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 118-649
NO FOREIGN ELECTION INTERFERENCE ACT
SEPTEMBER 6, 2024.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. SMITH of Missouri, from the Committee on Ways and Means,
submitted the following
REPORT
[To accompany H.R. 8314]
[Including cost estimate of the Congressional Budget Office]
The Committee on Ways and Means, to whom was referred the
bill (H.R. 8314) to amend the Internal Revenue Code of 1986 to im-
pose penalties with respect to contributions to political committees
from certain tax exempt organizations that receive contributions
from foreign nationals, having considered the same, reports favor-
ably thereon with an amendment and recommends that the bill as
amended do pass.
CONTENTS
Page
I. SUMMARY AND BACKGROUND ............................................................... 3
A. Purpose and Sum m ary ..................................................................... 3
B. Background and Need for Legislation .................... 3
C. Legislative H istory ........................................................................... . 4
B ackground ..................................................................................... 4
Com m ittee H earings ....................................................................... 4
Com m ittee A ction .......................................................................... 5
D . Designated H earing .......................................................................... 5
II. EXPLANATION OF THE BILL .................................................................. 5
A. Penalties with Respect to Contributions to Political Committees
from Certain Tax-Exempt Organizations that Accept Contribu-
tions from Foreign Nationals (sec. 2 of the bill and new secs.
501(s) and 6720D of the Code) ...................................................... 5
B. Reasons for Change .......................................................................... 6
C. Explanation of Provisions ................................................................. 6
D . E ffective D ate .................................................................................... 7
III. VOTES OF THE COM M ITTEE ................................................................... 7
IV. BUDGET EFFECTS OF THE BILL ............................................................ 8
A. Committee Estimate of Budgetary Effects .................. 8
Fiscal Y ears ..................................................................................... 8
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