Truth in Spending Act of 2005

H.R. 914, the Truth in Spending Act of 2005, aimed to change how tax-exempt political organizations report their financial activities to the Internal Revenue Service (IRS). The bill would have required these groups to file disclosure reports every month during any year they received contributions or spent money on political activities, rather than the less frequent quarterly or semi-annual schedule used at the time. For citizens, this measure was intended to provide more frequent and up-to-date public access to information regarding the flow of money in political campaigns and advocacy efforts.