No Foreign Election Interference Act

Financial Penalties for Disqualified Contributions: Under Section 2(a), any specified tax exempt organization that makes a disqualified political committee contribution must pay a penalty equal to twice the amount of that contribution. This acts as a deterrent against organizations that have received funds from foreign nationals using those funds for political contributions.

Revocation of Tax-Exempt Status: According to Section 2(b), an organization that makes more than two disqualified political committee contributions shall lose its tax-exempt status for any taxable year ending on or after the third contribution. This provides a consequence for organizations that repeatedly engage in these contributions.

Financial Burden on Specified Tax Exempt Organizations: Section 2(a)(1) defines a "specified tax exempt organization" as one with gross receipts of at least $200,000 or assets of at least $500,000. These organizations face a penalty of twice the amount of a disqualified contribution if they received any contribution or gift from a foreign national during the preceding 8-year testing period.

Loss of Tax Exemption: As stated in Section 2(b), an organization may lose its exemption from taxation if it makes more than two disqualified political committee contributions.