[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 804 Introduced in Senate (IS)]
108th CONGRESS
1st Session
S. 804
To amend the Internal Revenue Code of 1986 to allow a nonrefundable tax
credit for contributions to congressional candidates.
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IN THE SENATE OF THE UNITED STATES
April 7, 2003
Mr. Dorgan (for himself and Mr. Warner) 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 allow a nonrefundable tax
credit for contributions to congressional candidates.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. CREDIT FOR CONTRIBUTIONS TO CONGRESSIONAL CANDIDATES.
(a) General Rule.--Subpart A of part IV of subchapter A of chapter
1 of the Internal Revenue Code of 1986 (relating to nonrefundable
personal credits) is amended by inserting after section 25B the
following new section:
``SEC. 25C. CONTRIBUTIONS TO CONGRESSIONAL CANDIDATES.
``(a) General Rule.--In the case of an eligible individual, there
shall be allowed as a credit against the tax imposed by this chapter
for the taxable year an amount equal to the total of contributions to
candidates for the office of Senator or Representative in, or Delegate
or Resident Commissioner to, the Congress.
``(b) Maximum Credit.--The credit allowed by subsection (a) for a
taxable year shall not exceed $200 ($400 in the case of a joint
return).
``(c) Verification.--The credit allowed by subsection (a) shall be
allowed, with respect to any contribution, only if such contribution is
verified in such manner as the Secretary shall prescribe by
regulations.
``(d) Definitions.--For purposes of this section--
``(1) Candidate; contribution.--The terms `candidate' and
`contribution' have the meanings given such terms in section
301 of the Federal Election Campaign Act of 1971.
``(2) Eligible individual.--The term `eligible individual'
means any taxpayer whose adjusted gross income for the taxable
year does not exceed $60,000 ($120,000 in the case of a joint
return).''.
(b) Conforming Amendments.--
(1) Section 642 of the Internal Revenue Code of 1986
(relating to special rules for credits and deductions of
estates or trusts) is amended by adding at the end the
following new subsection:
``(j) Credit for Certain Contributions Not Allowed.--An estate or
trust shall not be allowed the credit against tax provided by section
25C.''.
(2) The table of sections for subpart A of part IV of
subchapter A of chapter 1 of such Code is amended by inserting
after the item relating to section 25B the following new item:
``Sec. 25C. Contributions to
congressional candidates.''.
(c) Effective Date.--The amendments made by this section shall
apply with respect to contributions made after the date of the
enactment of this Act, in taxable years ending after such date.
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