[Congressional Record Volume 157, Number 49 (Wednesday, April 6, 2011)]
[Senate]
[Page S2202]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. DURBIN (for himself, Mrs. Boxer, Mr. Cardin, Mr. Franken, 
        Mr. Harkin, Mr. Kerry, Ms. Klobuchar, Mr. Leahy, Mr. Merkley, 
        Ms. Mikulski, Mr. Sanders, Mrs. Shaheen, and Mr. Tester):
  S. 749. A bill to establish a revenue source for fair elections 
financing of Senate campaigns by providing an excise tax on amounts 
paid pursuant to contracts with the United States Government; to the 
Committee on Finance.
  Mr. DURBIN. Mr. President, I ask unanimous consent that the text of 
the bill by printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                 S. 749

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

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Fair Elections Revenue Act 
     of 2011''.

     SEC. 2. FAIR ELECTIONS FUND REVENUE.

       (a) In General.--The Internal Revenue Code of 1986 is 
     amended by inserting after chapter 36 the following new 
     chapter:

 ``CHAPTER 37--TAX ON PAYMENTS PURSUANT TO CERTAIN GOVERNMENT CONTRACTS

``Sec. 4501. Imposition of tax.

     ``SEC. 4501. IMPOSITION OF TAX.

       ``(a) Tax Imposed.--There is hereby imposed on any payment 
     made to a qualified person pursuant to a contract with the 
     Government of the United States a tax equal to 0.50 percent 
     of the amount paid.
       ``(b) Limitation.--The aggregate amount of tax imposed 
     under subsection (a) for any calendar year shall not exceed 
     $500,000.
       ``(c) Qualified Person.--For purposes of this section, the 
     term `qualified person' means any person which--
       ``(1) is not a State or local government, a foreign nation, 
     or an organization described in section 501(c)(3) which is 
     exempt from taxation under section 501(a), and
       ``(2) has contracts with the Government of the United 
     States with a value in excess of $10,000,000.
       ``(d) Payment of Tax.--The tax imposed by this section 
     shall be paid by the person receiving such payment.
       ``(e) Use of Revenue Generated by Tax.--It is the sense of 
     the Senate that amounts equivalent to the revenue generated 
     by the tax imposed under this chapter should be appropriated 
     for the financing of a Fair Elections Fund and used for the 
     public financing of Senate elections.''.
       (b) Conforming Amendment.--The table of chapter of the 
     Internal Revenue Code of 1986 is amended by inserting after 
     the item relating to chapter 36 the following:

     ``Chapter 37--Tax on Payments Pursuant to Certain Government 
                              Contracts''.

       (c) Effective Date.--The amendments made by this section 
     shall apply to contracts entered into after the date of the 
     enactment of this Act.
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