117 S4938 IS: Codification of Verified Values Act U.S. Senate 2022-09-22 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II117th CONGRESS2d SessionS. 4938IN THE SENATE OF THE UNITED STATESSeptember 22, 2022Mr. Rubio (for himself, Mrs. Blackburn, Mrs. Fischer, and Mr. Hawley) introduced the following bill; which was read twice and referred to the Committee on FinanceA BILLTo amend the Internal Revenue Code of 1986 to require that online contributions to a political organization require a credit verification value.

1.

Short title

This Act may be cited as the Codification of Verified Values Act or the CVV Act.

2.

CVV requirement for online contributions to political organizations

(a)

In general

Section 527 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:(m)

CVV requirement for online contributions

An organization shall not be treated as an organization described in this section unless, in the case of any Internet credit card contribution accepted by such organization, the individual or entity making such contribution is required, at the time such contribution is made, to disclose the credit verification value of such credit card..(b)

Effective date

The amendment made by this section shall apply to contributions made in taxable years beginning after the date of the enactment of this Act.