H.R.2972 - Drug War Bond Act of 1989101st Congress (1989-1990)
|Sponsor:||Rep. Lewis, Jerry [R-CA-35] (Introduced 07/21/1989)|
|Committees:||House - Ways and Means; Judiciary; Education and Labor; Government Operations; Rules|
|Latest Action:||House - 04/25/1990 Committee Hearings Held. (All Actions)|
This bill has the status Introduced
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Summary: H.R.2972 — 101st Congress (1989-1990)All Information (Except Text)
Introduced in House (07/21/1989)
Drug War Bond Act of 1989 - Directs the Secretary of the Treasury to issue: (1) Drug War Bonds for a three-year period with a 12-year maturity date; and (2) Drug War Stamps to evidence payments for or on account of such bonds.
Amends the Internal Revenue Code to exclude the interest earned on such War Bonds from an individual's gross income. Authorizes a taxpayer to designate a specified portion of any tax overpayment or make cash contributions to the War on Drugs Trust Fund (established by this Act).
Authorizes the Attorney General to make expenditures from the Department of Justice Assets Forfeiture Fund into the War on Drugs Trust Fund.
Amends the Internal Revenue Code to establish the War on Drugs Trust Fund. Transfers to such Fund: (1) proceeds from the sale of Drug War Bonds and stamps; and (2) certain cash contributions and portions of tax overpayments. Prescribes expenditures from the War on Drugs Trust Fund, including the construction of Federal prison facilities and education and rehabilitation programs.
Precludes the receipts and disbursements from the War on Drugs Trust Fund from being included in either the congressional budget totals or in the budget totals as submitted by the President. Exempts the receipts and expenditures from the War on Drugs Trust Fund from: (1) statutory expenditure and lending limitations; and (2) certain orders issued under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).
Requires the Secretary to report to the Congress on programs established by this Act. Directs the Attorney General to make recommendations to the Congress regarding the merits of privatizing Federal prisons.