National Association for Stock Car Auto Racing (NASCAR) 75th Anniversary Commemorative Coin Act

Bill: 118-hr-2838
Sponsor: full_name: Rep. Graves, Garret [R-LA-6]
Introduced: 2023-04-25
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-04-25
text: Referred to the Committee on Financial Services, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Summaries:
action_date: 2023-04-25
action_desc: Introduced in House
text: <p><b>National Association for Stock Car Auto Racing (NASCAR) 75th Anniversary Commemorative Coin Act </b></p> <p>This bill directs the Department of the Treasury to mint and issue $1 silver coins in recognition of the 75th anniversary of NASCAR. </p> <p>All surcharges received by Treasury from the sale of such coins must be paid to the NASCAR Foundation. </p>

tv_txt: I 118th CONGRESS 1st Session H. R. 2838 IN THE HOUSE OF REPRESENTATIVES April 25, 2023 Mr. Graves of Louisiana (for himself and Mr. Jackson of North Carolina ) introduced the following bill; which was referred to the Committee on Financial Services , and in addition to the Committee on the Budget , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To require the Secretary of the Treasury to mint coins in commemoration of the 75th anniversary of what is recognized as the first sanctioning body created to promote a unified series of competitions, with an organized group of race car drivers. The first such recognized race was held at Daytona Beach on February 15, 1948, under the sanctioning of the National Association for Stock Car Auto Racing (NASCAR).

1. Short title This Act may be cited as the National Association for Stock Car Auto Racing (NASCAR) 75th Anniversary Commemorative Coin Act . 2. Findings This Congress finds the following: (1) On February 15, 2023, the National Association for Stock Car Auto Racing (NASCAR) observed the 75th anniversary of the first race hosted by a sanctioning body, held at Daytona Beach, Florida. (2) In December 1947, Bill France, Sr., organized several meetings at the Streamline Hotel in Daytona Beach, Florida, at which time his vision of an organized group of race car drivers was conceived. (3) On February 15, 1948, Red Bryon won the first sanctioned body event, defeating Marshall Teague on the Daytona Beach road course. (4) More than 41,000 fans attended the Inaugural Daytona 500 on February 22, 1959, won by Lee Petty. (5) At the Jacksonville, Florida, Speedway on December 1, 1963, Wendell Scott became the first Black driver to win a NASCAR sanctioned race. (6) In 1977, Janet Guthrie became the first woman to compete in the Daytona 500. (7) On February 18, 1979, CBS televised the first live coverage of the Daytona 500. (8) In August 1994, the Indianapolis Motor Speedway was added to the race schedule. (9) Betty Jane France founded The NASCAR Foundation in 2006, supporting causes that work to improve the lives of children in need. (10) On May 23, 2020, the inaugural NASCAR Hall of Fame class (Bill France, Sr., Bill France, Jr., Richard Petty, Dale Earnhardt, and Junior Johnson) is inducted in Charlotte, North Carolina. (11) Danica Patrick becomes the first female to win a pole in the Daytona 500 in 2013. (12) Jimmie Johnson makes history with his record-tying seventh race championship on November 20, 2016. (13) Before a sold-out crowd of 101,500 fans at the Daytona International Speedway on February 20, 2022, the Next-Gen car debuted in the 64th annual Daytona 500. (14) NASCAR has grown from the small organization formed on the sands of Daytona Beach to one of the most popular sports in the world. 3. Coin specifications (a) $1 silver coins The Secretary of the Treasury (hereafter in this Act referred to as the Secretary ) shall mint and issue $1 coins in recognition of the NASCAR 75th anniversary, which shall— (1) weigh 26.73 grams; (2) have a diameter of 1.500 inches; and (3) contain not less than 90 percent silver. (b) Legal tender The coins minted under this Act shall be legal tender, as provided in section 5103 of title 31, United States Code. (c) Numismatic items For purposes of sections 5134 and 5136 of title 31, United States Code, all coins minted under this Act shall be considered to be numismatic items. 4. Designs of coins (a) Design requirements (1) In general The design of coins minted under this Act shall be emblematic of the National Association for Stock Car Auto Racing and the competitive spirit of American auto racing enthusiasts. (2) Designs and inscriptions On the coin minted under this Act, there shall be— (A) a designation of the value of the coin; (B) an inscription of the year 2023 ; and (C) inscriptions of the words Liberty , In God We Trust , United States of America , and E Pluribus Unum . (b) Selection The designs for the coins minted under this Act shall be— (1) selected by the Secretary, after consultation with the NASCAR Foundation and the Commission of Fine Arts; and (2) reviewed by the Citizens Coinage Advisory Committee. 5. Issuance of coins (a) Quality of coins Coins minted under this Act shall be issued in uncirculated and proof qualities. (b) Mint facility Only 1 facility in the United States Mint may be used to strike any particular quality of the coins minted under this Act. (c) Period for issuance The Secretary may issue coins minted under this Act only during the 1-year period beginning on January 1, 2023. 6. Sale of coins (a) Sale price The coins issued under this Act shall be sold by the Secretary at a price equal to the sum of— (1) the face value of the coins; (2) the surcharge provided in section 7(a) with respect to such coins; and (3) the cost of designing and issuing the coins (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping). (b) Bulk sales The Secretary shall make bulk sales of the coins issued under this Act at a reasonable discount. (c) Prepaid orders (1) In general The Secretary shall accept prepaid orders for the coins minted under this Act before the issuance of such coins. (2) Discount Sale prices with respect to prepaid orders under paragraph (1) shall be at a reasonable discount. 7. Surcharges (a) In general All sales of coins issued under this Act shall include a surcharge of $20 per coin for the $1 coin. (b) Distribution Subject to section 5134(f)(1) of title 31, United States Code, all surcharges received by the Secretary from the sale of coins issued under this Act shall be promptly paid by the Secretary to The NASCAR Foundation for application to general expenses associated with the fulfillment of the mission of The NASCAR Foundation. (c) Audits The Comptroller General of the United States shall have the right to examine such books, records, documents, and other data of each of the organizations referred to in subsection (b) as may be related to the expenditures of amounts paid under that subsection. (d) Limitation Notwithstanding subsection (a), no surcharge may be included with respect to the issuance under this Act of any coin during a calendar year if, as a result of the time of such issuance, the issuance of such coin would result in the number of commemorative coin programs issued during such year to exceed the annual 2 commemorative coin program issuance limitation under section 5112 (m)(1) of title 31, United States Code (as in effect on the date of the enactment of this Act). The Secretary of the Treasury may issue guidance to carry out this subsection. 8. Financial assurances The Secretary shall take such actions as may be necessary to ensure that— (1) minting and issuing coins under this Act will not result in any net cost to the United States Government; and (2) no funds, including applicable surcharges, are disbursed to any recipient designated in section 7 until the total cost of designing and issuing all of the coins authorized by this Act (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping) is recovered by the United States Treasury, consistent with sections 5112(m) and 5134(f) of title 31, United States Code. 9. Budgetary effects (a) Statutory pAYGO scorecards The budgetary effects of this section shall not be entered on either PAYGO Scorecard maintained pursuant to section 4(d) of the Statutory Pay-As-You-Go Act of 2010 (U.S.C. 933(d)). (b) Senate pAYGO scorecards The budgetary effects of this section shall not be entered on any PAYGO scorecard maintained for purposes of section 4105 of H. Con. Res.71 (115th Congress).