To amend the Internal Revenue Code of 1986 to require 527 organizations to disclose their political activities.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to prohibit a political organization from being treated as such unless it gives notice within 24 hours of being established that it is to be so treated. Provides that if notice is given after such period, the organization shall not be so treated for any period before such notice is given. Requires, in the case of an organization failing to give such notice, such organization's taxable income to be computed by taking into account any exempt function income (and any deductions directly connected with the production of such income). Excepts certain organizations from the notification requirement. Makes information on organizations that file such notices, and such notices, publicly available. Prescribes monetary penalties for failures to meet certain public availability requirements. Grants existing organizations to whom this Act applies 30 days after this Act's enactment date to file a notice. Prescribes tax penalties for failures by political organizations to make certain disclosures of contributions and expenditures for exempt functions. Exempts certain organizations and political committees from the disclosure requirement. Makes such disclosures pub…