Commemorative Coins Reform Act of 2012

Commemorative Coins Reform Act of 2012 - Prohibits surcharges generated by the sale of any numismatic item or commemorative coin program from being paid to a non-federal organization, except with respect to sales and production costs.

Requires that surcharges be used to recover all numismatic operation and program costs allocable to the program under which a numismatic item is produced and sold.

Requires the transfer of any excess surcharges to the general fund of the Treasury for deficit reduction purposes.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 3612 Introduced in Senate (IS)]

112th CONGRESS
  2d Session
                                S. 3612

 To prohibit the payment of surcharges for commemorative coin programs 
     to private organizations or entities, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 21, 2012

 Mr. DeMint (for himself, Mr. Coburn, Mr. Graham, Mrs. Hutchison, Mr. 
 Johnson of Wisconsin, Mr. Lee, Mr. McCain, and Mr. Risch) introduced 
the following bill; which was read twice and referred to the Committee 
                 on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To prohibit the payment of surcharges for commemorative coin programs 
     to private organizations or entities, and for other purposes.

    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 ``Commemorative Coins Reform Act of 
2012''.

SEC. 2. PROHIBITION ON PAYMENT OF SURCHARGES TO NON-FEDERAL ENTITIES.

    Section 5134(f) of title 31, United States Code, is amended to read 
as follows:
    ``(f) Prohibition on Payment of Surcharges to Organizations Outside 
of the Federal Government.--
            ``(1) In general.--Notwithstanding any other provision of 
        law, no surcharges collected with respect to the sale of any 
        numismatic item may be paid to any organization outside of the 
        Federal Government, other than with respect to the costs of 
        producing and selling such item.
            ``(2) Payment of costs.--Surcharges collected in connection 
        with the sale of any numismatic item shall be used to recover 
        all numismatic operation and program costs allocable to the 
        program under which such numismatic item is produced and sold.
            ``(3) Excess deposited into treasury.--Amounts of 
        surcharges collected in excess of the amounts described in 
        paragraph (2) shall be transferred by the Fund to the general 
        fund of the Treasury for the purpose of deficit reduction.''.

SEC. 3. APPLICABILITY.

    Subsection (f) of section 5134, United States Code, as amended by 
this Act, shall apply with respect to any commemorative coin program 
established or numismatic item produced pursuant to an Act enacted on 
or after the date of enactment of this Act.
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