[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 828 Introduced in Senate (IS)]

103d CONGRESS
  1st Session
                                 S. 828

 To amend the Internal Revenue Code of 1986 to impose an excise tax on 
  campaign expenditures of candidates for Federal office in excess of 
                       campaign spending limits.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

               April 27 (legislative day, April 19), 1993

  Mr. Dorgan 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 impose an excise tax on 
  campaign expenditures of candidates for Federal office in excess of 
                       campaign spending limits.

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

SECTION 1. EXCISE TAX ON FEDERAL CAMPAIGN EXPENDITURES IN EXCESS OF 
              CAMPAIGN SPENDING LIMITS.

    (a) In General.--Subtitle D of the Internal Revenue Code of 1986 
(relating to miscellaneous excise taxes) is amended by adding at the 
end the following new chapter:

           ``CHAPTER 48--EXCESS FEDERAL CAMPAIGN EXPENDITURES

``Sec. 5010. Excess Federal campaign expenditures.

``SEC. 5010. EXCESS FEDERAL CAMPAIGN EXPENDITURES.

    ``(a) Imposition of Tax.--In the case of any candidate for Federal 
office, there is hereby imposed a tax equal to 75 percent of the 
candidate's excess campaign expenditures during any taxable period.
    ``(b) Person on Whom Tax Imposed; Taxable Period.--For purposes of 
this section--
            ``(1) Person on whom tax imposed.--The tax imposed by 
        subsection (a) shall be paid by the authorized committees of 
        the candidate.
            ``(2) Taxable period.--The term `taxable period' means, 
        with respect to any election, each month in which excess 
        campaign expenditures were made with respect to the election.
    ``(c) Definitions.--For purposes of this section--
            ``(1) Candidate.--The terms `candidate' and `authorized 
        committee' have the meanings given to such terms by sections 
        301(2) and 301(6), respectively, of the Federal Election 
        Campaign Act of 1971.
            ``(2) Election.--The term `election' has the meaning given 
        such term by section 301(1) of the Federal Election Campaign 
        Act of 1971.
            ``(3) Excess campaign expenditures.--The term `excess 
        campaign expenditures' means, with respect to any election, 
        expenditures by any candidate and the authorized committees of 
        such candidate which are in excess of any limitation on such 
        expenditures established by the amendments made by the 
        Congressional Campaign Spending Limit and Election Reform Act 
        of 1993.''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
apply to taxable periods beginning after December 31, 1993.

SEC. 2. CAMPAIGN FINANCE REFORM TRUST FUND.

    (a) Establishment.--Subchapter A of chapter 98 (relating to trust 
funds) is amended by adding at the end the following new section:

``SEC. 9512. CAMPAIGN FINANCE REFORM TRUST FUND.

    ``(a) Creation of Trust Fund.--There is established in the Treasury 
of the United States a trust fund to be known as the `Campaign Finance 
Reform Trust Fund', consisting of such amounts as may be credited or 
paid to the Trust Fund as provided in this section or section 9602(b).
    ``(b) Transfer to Trust Fund.--There is hereby appropriated to the 
Campaign Finance Reform Trust Fund the taxes received by the Treasury 
under section 5010.
    ``(c) Expenditures.--Amounts in the Campaign Finance Reform Trust 
Fund shall be available, as provided in appropriation Acts, for making 
expenditures authorized by the Federal Election Campaign Act of 
1971.''.
    (b) Conforming Amendment.--The table of sections for subchapter A 
of chapter 98 is amended by adding at the end the following new item:

                              ``Sec. 9512. Campaign finance reform 
                                        trust fund.''.
    (c) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.

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