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Text of the Commemorative Coins Reform Act of 2012

This bill was introduced on September 21, 2012, in a previous session of Congress, but was not enacted. The text of the bill below is as of Sep 21, 2012 (Introduced).

Source: GPO

I

112th CONGRESS

2d Session

H. R. 6495

IN THE HOUSE OF REPRESENTATIVES

September 21, 2012

(for himself and Mr. Duncan of South Carolina) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To prohibit the payment of surcharges for commemorative coin programs to private organizations or entities, and for other purposes.

1.

Short title

This Act may be cited as the Commemorative Coins Reform Act of 2012.

2.

Prohibition on payment of surcharges to non-Federal entities

Section 5134(f) of title 31, United States Code, is amended to read as follows:

(f)

Prohibition on payment of surcharges to organizations outside of the Federal Government

(1)

In general

Notwithstanding any other provision of law, no surcharges collected with respect to the sale of any numismatic item may be paid to any organization outside of the Federal Government, other than with respect to the costs of producing and selling such item.

(2)

Payment of costs

Surcharges collected in connection with the sale of any numismatic item shall be used to recover all numismatic operation and program costs allocable to the program under which such numismatic item is produced and sold.

(3)

Excess deposited into Treasury

Amounts of surcharges collected in excess of the amounts described in paragraph (2) shall be transferred by the Fund to the general fund of the Treasury for the purpose of deficit reduction.

.

3.

Applicability

Subsection (f) of section 5134, United States Code, as amended by this Act, shall apply with respect to any commemorative coin program established or numismatic item produced pursuant to an Act enacted on or after the date of enactment of this Act.