527's are NOT subject to the 60 day limitation on electioneering communications. Only labor unions and corporations. The Swiftees can run in October.
See the following link:
http://www.fec.gov/pages/brochures/electioneering.htm
“527” Organizations
The prohibition against the use of corporate funds to make or finance electioneering communications does not apply to certain organizations incorporated under 26 U.S.C. §527.
Incorporated state party committees and state candidate committees registered as “527” organizations are exempt from the corporate prohibition provided that the committee:
Is not a political committee, as defined at 11 CFR 100.5;
Incorporates for liability purposes only;
Does not use any funds donated by corporations or labor organizations to fund the electioneering communication; and
Complies with the FEC’s reporting requirements for electioneering communications. 11 CFR 114.2(b)(2)(iii).
Unincorporated, unregistered “527” organizations may also make electioneering communications, subject to the disclosure requirements and the prohibition against corporate and labor funds.
527's are subject to this 60 day limitation which would kick in about September 3rd this year. If the Swift Vets get $5 million from Microsoft or the Teamsters union, they cannot spend it on TV advertising 60 days before the election.
If a wealthy Texas oil man kicks in $5 million it can be spent any old time. Same if the Swift Vets pull in $5 million in small donations from Freepers and bloggers.