To amend the Internal Revenue Code of 1986 to avoid duplicate reporting of information on political activities of certain State and local political organizations, and for other purposes.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to: (1) exempt State and local candidate committees from specified notification requirements; (2) exempt State and local political committees from specified reporting and annual gross receipts-based return requirements; and (3) authorize the Secretary of the Treasury to waive certain related penalties. Amends related penalty provisions.…