[Congressional Record Volume 150, Number 97 (Wednesday, July 14, 2004)]
[Senate]
[Page S8107]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          ESTIMATE FOR S. 894

  Mr. SHELBY. Mr. President, I ask unanimous consent that the 
Congressional Budget Office cost estimate for S. 894, the Marine Corps 
230th Anniversary Commemorative Coin Act, be printed in the Record.
  There being no objection, the material was ordered to be printed in 
the Record, as follows:

                                                    U.S. Congress,


                                  Congressional Budget Office,

                                    Washington, DC, June 22, 2004.
     Hon. Richard C. Shelby,
     Chairman, Committee on Banking, Housing, and Urban Affairs, 
         U.S. Senate, Washington, DC.
       Dear Mr. Chairman: The Congressional Budget Office has 
     prepared the enclosed cost estimate for S. 894, the Marine 
     Corps 230th Anniversary Commemorative Coin Act.
       If you wish further details on this estimate, we will be 
     pleased to provide them. The CBO staff contact is Matthew 
     Pickford.
           Sincerely,
                                                Elizabeth Robinson
                              (For Douglas Holtz-Eakin, Director).
       Enclosure.
     S. 894--Marine Corps 230th Anniversary Commemorative Coin Act
       S. 894 would authorize the U.S. Mint to produce a $1 silver 
     coin in calendar year 2005 to commemorate the 230th 
     anniversary of the United States Marine Corps. The 
     legislation would specify a surcharge of $10 on the sale of 
     each coin and would designate the Marine Corps Heritage 
     Foundation, a nonprofit entity, as the recipient of the 
     income from the surcharge. CBO estimates that enacting S. 894 
     would have no significant net impact on direct spending over 
     the 2004-2009 period.
       Sales from the coins that would be authorized by S. 894 
     could raise as much as $5 million in surcharges if the Mint 
     sells the maximum number of authorized coins. However, the 
     experience of recent commemorative coin sales suggests that 
     receipts would be about $3 million. Under current law, the 
     Mint must ensure that it does not lose money producing 
     commemorative coins before transferring any surcharges to a 
     recipient organization. CBO expects that those receipts from 
     such surcharges would be transferred to the heritage 
     foundation in fiscal year 2006.
       S. 894 contains no intergovernmental or private-sector 
     mandates as defined in the Unfunded Mandates Reform Act and 
     would not affect the budgets of state, local, or tribal 
     governments.
       On March 22, 2004, CBO transmitted a cost estimate for H.R. 
     3277, the Marine Corps 230th Anniversary Commemorative Coin 
     Act, as ordered reported by the House Committee on Financial 
     Services on March 17, 2004. The two pieces of legislation are 
     similar and our estimates of implementing each bill are the 
     same.
       The CBO staff contact for this estimate is Matthew 
     Pickford, who can be reached at 226-2860. This estimate was 
     approved by Peter H. Fontaine, Deputy Assistant Director for 
     Budget Analysis.

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