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.
Fair Elections Revenue Act of 2011 - Amends the Internal Revenue Code to impose an excise tax on payments made pursuant to a U.S. government contract to any person that is not a state or local government, a foreign nation, or a tax-exempt organization and that has contracts with the U.S. government in excess of $10 million. Sets the rate of such tax imposed on any payment to a qualified person under any such contract at 0.50% of the amount paid and limits the aggregate annual amount of tax so imposed for any calendar year to not more than $500,000.
Expresses the sense of the Senate that the tax revenues raised by this Act should be used for the financing of a Fair Elections Fund and the public financing of Senate elections.
Introduced in Senate
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2202)
Committee on the Judiciary Subcommittee on the Constitution, Civil Rights and Human Rights. Hearings held.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line