[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.


_______________________________________________________________________


                   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

_______________________________________________________________________

                                 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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