[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 1840 Introduced in Senate (IS)]

103d CONGRESS
  2d Session
                                S. 1840

 To amend the Internal Revenue Code of 1986 to provide tax incentives 
 for businesses participating in gun exchange programs, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

             February 9 (legislative day January 25), 1994

 Mrs. Boxer (for herself and Mr. Brown) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to provide tax incentives 
 for businesses participating in gun exchange programs, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Gun Exchange Tax Incentive Act of 
1994''.

SEC. 2. MODIFICATIONS TO CERTAIN LIMITATIONS ON CHARITABLE DEDUCTION.

    (a) General Rule.--Subsection (e) of section 170 of the Internal 
Revenue Code of 1986 (relating to certain contributions of ordinary 
income and capital gain property) is amended by adding at the end 
thereof the following new paragraph:
            ``(6) Special rules for gun exchange program 
        contributions.--
                    ``(A) Deduction allowed for full market value.--The 
                deduction under subsection (a) for any qualified gun 
                exchange program contribution shall be an amount equal 
                to its fair market value and no reduction under 
                paragraph (1)(A) shall be made in the amount of such 
                contribution.
                    ``(B) Increase in corporate percentage 
                limitation.--The limitation of subsection (b)(2) shall 
                be increased by the lesser of--
                            ``(i) the aggregate amount of qualified gun 
                        exchange program contributions made by the 
                        taxpayer during the taxable year, or
                            ``(ii) 5 percent of the taxpayer's taxable 
                        income computed as provided in subsection 
                        (b)(2).
                    ``(C) Qualified gun exchange program 
                contribution.--For purposes of this paragraph, the term 
                `qualified gun exchange program contribution' means any 
                charitable contribution of property described in 
                paragraph (1) of section 1221 or of a coupon or similar 
                instrument which may be used to acquire property so 
                described if--
                            ``(i) such contribution is to a 
                        governmental unit described in subsection 
                        (c)(1) or to an organization described in 
                        subsection (c)(2) which is designated by a 
                        governmental unit as a qualified recipient of 
                        gun exchange program contributions,
                            ``(ii) the property (or coupon or similar 
                        instrument) is to be transferred in exchange 
                        for firearms to persons surrendering firearms 
                        to a governmental unit in a gun exchange 
                        program established and administered by such 
                        governmental unit, and
                            ``(iii) the taxpayer received from the 
                        governmental unit or organization designated 
                        under clause (i) a written statement that the 
                        property (or coupon or similar instrument) was 
                        transferred as provided in clause (ii).''
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to contributions made after the date of the enactment of this 
Act.

SEC. 3. MODEL PROGRAM.

    (a) Model Program.--The Attorney General shall develop a written 
model program for business-sponsored gun exchange programs.
    (b) Distribution.--Not later than 3 months after the date of the 
enactment of this Act, the Attorney General shall make available such 
model to States, units of local governments, and businesses.

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