AB497

Existing law requires every committee for political action to, not later than 1 week after receiving contributions the sum of which, in the aggregate is $1,000 or more, open and maintain a separate account in a financial institution located in the United States for the deposit of any contributions received. (NRS 294A.130) Section 1 of this bill authorizes a committee for political action to use money in the account for certain purposes. Existing law provides that, except in certain circumstances, certain corporations and other business organizations as well as labor unions are excluded from the definition of a “committee for political action.” (NRS 294A.0055) Section 2 of this bill revises the definition of a “committee for political action” to exclude from the definition: (1) any nonprofit organization or nonprofit corporation duly organized under federal law or under the laws of this State, any other state, the District of Columbia or any territory of the United States; (2) all individual corporations and business organizations that have filed certain organizational information with the Secretary of State; and (3) all labor unions. Existing law requires certain persons, committees and political parties to report certain independent expenditures or other expenditures. (NRS 294A.210) Section 3.5 of this bill requires any entity excluded from the definition of “committee for political action” pursuant to section 2 that makes certain expenditures in excess of $1,000 to report s