[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 1059 Introduced in Senate (IS)]
108th CONGRESS
1st Session
S. 1059
To amend the Internal Revenue Code of 1986 to adjust the tax rate for
political organizations.
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IN THE SENATE OF THE UNITED STATES
May 14, 2003
Mrs. Hutchison introduced the following bill; which was read twice and
referred to the Committee on Finance
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A BILL
To amend the Internal Revenue Code of 1986 to adjust the tax rate for
political organizations.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. TAX RATE FOR POLITICAL ORGANIZATIONS.
(a) In General.--Paragraph (1) of section 527(b) of the Internal
Revenue Code of 1986 (relating to tax imposed) is amended by striking
``highest rate'' and inserting ``appropriate rates''.
(b) Conforming Amendment.--Subsection (h) of section 527 of the
Internal Revenue Code of 1986 (relating to special rule for principal
campaign committees) is repealed.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2002.
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