Iowa Admin. Code r. 351-4.31 - Information required for a trust to avoid a contribution in the name of another person

A contribution to a committee by a trustee solely in the name of the trust constitutes a contribution in the name of another person as prohibited in Iowa Code section 68A.502 unless the recipient committee publicly discloses the contribution as provided in this rule.

(1) Living or revocable trust. If the contribution involves a trust identified as a revocable trust or a living trust that does not file a separate trust tax return and whose federal tax ID number is the same as the social security number of the grantor who creates the trust and who is also a trustee, the contribution shall be reported by the recipient committee as being made by the "(name) revocable (or living) trust."

(2) Other trusts. For a contribution involving a trust that does not qualify under subrule 4.31(1), the recipient committee shall identify the trust, the trustee, and the trust or

(3) Registering a committee. A trust, except for a living or revocable trust, that raises or spends more than $1,000 for campaign activities shall register a political committee (PAC) and shall file disclosure reports. A trust, except for a living or revocable trust, that makes a one-time contribution in excess of $1,000 may file Form DR-OTC in lieu of filing a statement of organization and filing disclosure reports.

This rule is intended to implement Iowa Code Supplement sections 68A.402(6) and 68A.502.

Notes

Iowa Admin. Code r. 351-4.31

Amended by IAB March 24, 2021/Volume XLIII, Number 20, effective 4/28/2021