Business Should Mind Its Own Business Act (Introduced in House)
HR 4431 IH
Mr. GRAYSON introduced the following bill; which was referred to the Committee on Ways and Means
January 13, 2010
- 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: