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[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1111 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 1111

  To amend the Internal Revenue Code of 1986 to impose a 500 percent 
 excise tax on corporate contributions to political committees and on 
        corporate expenditures on political advocacy campaigns.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             March 13, 2013

 Mr. Grayson introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL

 
  To amend the Internal Revenue Code of 1986 to impose a 500 percent 
 excise tax on corporate contributions to political committees and on 
        corporate expenditures on political advocacy campaigns.

    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 ``Business Should Mind Its Own 
Business Act''.

SEC. 2. EXCISE TAX ON CORPORATE CONTRIBUTIONS TO POLITICAL COMMITTEES 
              AND ON CORPORATE EXPENDITURES ON POLITICAL ADVOCACY 
              CAMPAIGNS.

    (a) In General.--Chapter 36 of the Internal Revenue Code of 1986 
(relating to certain other excise taxes) is amended by adding at the 
end the following new subchapter:

         ``Subchapter E--Certain Corporate Political Activities

``Sec. 4491. Corporate contributions to political committees and 
                            corporate expenditures on political 
                            advocacy campaigns.

``SEC. 4491. CORPORATE CONTRIBUTIONS TO POLITICAL COMMITTEES AND 
              CORPORATE EXPENDITURES ON POLITICAL ADVOCACY CAMPAIGNS.

    ``(a) In General.--In the case of a corporation, there is hereby 
imposed a tax equal to 500 percent of the aggregate of the following 
amounts:
            ``(1) The amount of contributions (as defined in section 
        301 of the Federal Election Campaign Act of 1971) made during 
        the taxable year.
            ``(2) The amount paid for an electioneering communication 
        described in section 304(f)(3) of such Act.
    ``(b) Certain Determinations Disregarded.--For purposes of this 
section, any court determination that such Act does not apply to one or 
more corporations shall be disregarded.''.
    (b) Denial of Income Tax Deduction.--Subsection (a) of section 275 
of such Code is amended by inserting after paragraph (6) the following 
new paragraph:
            ``(7) Taxes imposed by section 4491 (relating to corporate 
        contributions to political committees and corporate 
        expenditures on political advocacy campaigns).''.
    (c) Clerical Amendment.--The table of subchapters for chapter 36 of 
such Code is amended by adding at the end the following new item:

       ``subchapter e. certain corporate political activities''.

    (d) Effective Date.--The amendments made by this section shall 
apply to amounts paid after the date of the enactment of this Act in 
taxable years ending after such date.
                                 <all>
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