A bill to deny tax-exempt status to certain politically active organizations that are linked to candidates for Federal office, to require that contributions to separate political organizations that are linked to such candidates be treated as direct contributions to the candidate, to restrict "bundling" practices, and for other purposes.

Amends the Internal Revenue Code to deny tax-exempt status for an organization: (1) which devotes any of its operating budget to voter registration, get-out-the-vote campaigns, or participation in political campaign activities; and (2) on whose behalf a candidate or an authorized committee thereof solicits contributions.

Amends the Federal Election Campaign Act of 1971 to: (1) impose Federal limits on contributions to political organizations maintained by a candidate for Federal office which are not political committees of a national, State, or local political party; and (2) prohibit any intermediary or conduit from delivering or arranging to have delivered contributions from more than two persons who are employees of the same employer or members of the same labor organization. Voter registration

Makes it unlawful for national banks, corporations, and labor organizations to make campaign contributions or expenditures to a political organization of a candidate (unless it is an authorized committee).