351—4.31(68A) Information required for contributions from a trust.
- 4.31(1) Prohibition on contributions in the name of another. A contribution to a committee by a trustee solely in the name of the trust constitutes a contribution in the name of another person prohibited by Iowa Code section 68A.502 unless the recipient committee publicly discloses the contribution as provided in this rule.
- 4.31(2) 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.”
- 4.31(3) Other trusts. For a contribution involving a trust that does not qualify under subrule 4.31(2), the recipient committee shall identify the trust, the trustee, and the trustor.
- 4.31(4) 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 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 sections 68A.402(6) and 68A.502.
[ARC 0235D, IAB 4/29/26, effective 6/3/26]