[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.


_______________________________________________________________________


                   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

_______________________________________________________________________

                                 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campaign committees) is repealed.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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