S. 751 would establish a revenue source for fair elections financing of Senate campaigns by providing an excise tax on amounts paid pursuant to contracts with the United States Government.
Detailed Summary
Fair Elections Revenue Act of 2009 - Amends the Internal Revenue Code to impose an excise tax on payments made pursuant to a U.S. government contract to any person which is not a state or local government or a foreign nation and has contracts with the U.S. government in excess of $10 million. Sets the rate of such tax at 0.50% of amounts paid under any such contract and limits the aggregate annual amount of tax imposed each year to not more than $500,000.
Expresses the sense of the Senate that the tax revenues raised by this Act be used for the financing of a Fair Elections Fund and the public financing of Senate elections.
Status of the Legislation
Latest Major Action: 3/31/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
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