CVV Act

Bill: 117-s-4938
Sponsor: full_name: Sen. Rubio, Marco [R-FL]
Introduced: 2022-09-22
Policy area: Taxation
Latest action: action_date: 2022-09-22
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2022-09-22
action_desc: Introduced in Senate
text: <p> <strong>Codification of Verified Values Act or the CVV Act</strong></p> <p>This bill requires a contributor to political organizations who uses a credit card to make online contributions to such organizations to disclose the credit verification value of such credit card at the time a contribution is made. A credit verification value is a series of numbers on a credit card (usually on the back of the card) that provides additional security for a transaction by credit card.</p>

tv_txt: II 117th CONGRESS 2d Session S. 4938 IN THE SENATE OF THE UNITED STATES September 22, 2022 Mr. Rubio (for himself, Mrs. Blackburn , Mrs. Fischer , and Mr. Hawley ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to require that online contributions to a political organization require a credit verification value.

1. Short title This Act may be cited as the Codification of Verified Values Act or the CVV Act . 2. CVV requirement for online contributions to political organizations (a) In general Section 527 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (m) CVV requirement for online contributions An organization shall not be treated as an organization described in this section unless, in the case of any Internet credit card contribution accepted by such organization, the individual or entity making such contribution is required, at the time such contribution is made, to disclose the credit verification value of such credit card. . (b) Effective date The amendment made by this section shall apply to contributions made in taxable years beginning after the date of the enactment of this Act.