[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2464 Introduced in House (IH)]







                                    


107th CONGRESS
  1st Session
                                H. R. 2464

 To amend the Internal Revenue Code of 1986 to allow a deduction from 
    gross income for contributions to candidates for Federal office.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 11, 2001

Mr. Brady of Texas introduced the following bill; which was referred to 
              the Committee on Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to allow a deduction from 
    gross income for contributions to candidates for Federal office.

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

SECTION 1. DEDUCTION FOR CERTAIN POLITICAL CONTRIBUTIONS.

    (a) In General.--Part VII of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 is amended by redesignating section 223 
as section 224 and by inserting after section 222 the following new 
section:

``SEC. 223. POLITICAL CONTRIBUTIONS.

    ``(a) In General.--In the case of an individual, there shall be 
allowed as a deduction for the taxable year an amount equal to the 
qualified political contributions made by the taxpayer during the 
taxable year.
    ``(b) Limitation.--The amount allowed as a deduction under 
subsection (a) for the taxable year shall not exceed $100 ($200 in the 
case of a joint return).
    ``(c) Qualified Political Contribution.--For purposes of this 
section, the term `qualified political contribution' shall have the 
meaning given the term `contribution' by section 301(8)(A) of the 
Federal Election Campaign Act of 1971 (2 U.S.C. 431(8)(A)).''.
    (b) Deduction Allowed Whether or Not Taxpayer Itemizes Other 
Deductions.--Subsection (a) of section 62 of such Code is amended by 
inserting after paragraph (18) the following new item:
            ``(19) Qualified political contributions.--The deduction 
        allowed by section 223.''.
    (c) Clerical Amendment.--The table of sections for part VII of 
subchapter B of chapter 1 of such Code is amended by striking the last 
item and inserting the following new items:

                              ``Sec. 223. Political contributions.
                              ``Sec. 224. Cross reference.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2001.
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