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Text of the Fair Elections Revenue Act of 2009

This bill was introduced on March 31, 2009, in a previous session of Congress, but was not enacted. The text of the bill below is as of Mar 31, 2009 (Introduced).

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Source: GPO

II

111th CONGRESS

1st Session

S. 751

IN THE SENATE OF THE UNITED STATES

March 31, 2009

(for himself and Mr. Specter) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To establish a revenue source for fair elections financing of Senate campaigns by providing an excise tax on amounts paid pursuant to contracts with the United States Government.

1.

Short title

This Act may be cited as the Fair Elections Revenue Act of 2009.

2.

Fair Elections Fund revenue

(a)

In general

The Internal Revenue Code of 1986 is amended by inserting after chapter 36 the following new chapter:

37

Tax on payments pursuant to certain government contracts

Sec. 4501. Imposition of tax.

4501.

Imposition of tax

(a)

Tax imposed

There is hereby imposed on any payment made to a qualified person pursuant to a qualified contract with the Government of the United States a tax equal to 0.50 percent of the amount paid.

(b)

Limitation

The aggregate amount of tax imposed under subsection (a) for any calendar year shall not exceed $500,000.

(c)

Qualified person

For purposes of this section, the term qualified person means any person which—

(1)

is not a State or local government or a foreign nation, and

(2)

has contracts with the Government of the United States with a value in excess of $10,000,000.

(d)

Payment of tax

The tax imposed by this section shall be paid by the person receiving such payment.

(e)

Use of revenue generated by tax

It is the sense of the Senate that amounts equivalent to the revenue generated by the tax imposed under this chapter should be appropriated for the financing of a Fair Elections Fund and used for the public financing of Senate elections.

.

(b)

Conforming amendment

The table of chapter of the Internal Revenue Code of 1986 is amended by inserting after the item relating to chapter 36 the following:

Chapter 37—Tax on payments pursuant to certain government contracts

.

(c)

Effective date

The amendments made by this section shall apply to contracts entered into after the date of the enactment of this Act.