Business Should Mind Its Own Business Act

Bill: 113-hr-1111
Sponsor: full_name: Rep. Grayson, Alan [D-FL-9]
Introduced: 2013-03-13
Policy area: Taxation
Subjects: Corporate finance and management

Elections, voting, political campaign regulation

Income tax deductions

Sales and excise taxes
Latest action: action_date: 2013-03-13
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2013-03-13
action_desc: Introduced in House
text: <p>Business Should Mind Its Own Business Act - Amends the Internal Revenue Code to impose on corporations a 500% excise tax on the total amount of their campaign contributions and electioneering communications on behalf of a candidate for federal office. Denies such corporations a tax deduction for payment of such taxes.</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 1111 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.

1. Short title This Act may be cited as the Business Should Mind Its Own Business Act . 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: E Certain corporate political activities Sec. 4491. Corporate contributions to political committees and corporate expenditures on political advocacy campaigns. 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.