War Financing Act of 2003

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

D HollingsSponsor

No cosponsors.

War Financing Act of 2003 - Amends the Internal Revenue Code to add a new chapter which imposes a tax on each taxable transaction.

What it does: CRS summary · Introduced in Senate · Jan 9, 2003

War Financing Act of 2003 - Amends the Internal Revenue Code to add a new chapter which imposes a tax on each taxable transaction. Defines such transactions as: (1) the sale of property or services in the United States by a taxable person in connection with a business; (2) the import of property or services for use or consumption in the United States; (3) the (a) sale of property or services (not included in (b)) in the United States other than in connection with business for a consideration that exceeds $1,000, or (b) lease of property in the United States other than in connection with a business, if the fair market value of the leased property exceeds $1,000; and (4) the sale of property or services exported from the United States for use or consumption outside the United States.

Sets forth further provisions: (1) concerning taxable transactions; (2) taxable amount, rate of tax and exemption from tax for certain transactions and certain entities, and credits; (3) administration; and (4) definitions and special rules.

Establishes in the U.S. Treasury the War Financing Trust Fund into which amounts received from the taxes imposed by this Act will be deposited. Requires the Trust Fund to be used to: (1) pay the administrative costs of collecting such taxes or in operating the War Financing Trust Fund; and (2) meet those obligations of the United States incurred with respect to any case in which U.S. Armed Forces are introduced into hostilities or into situations where imminent involvement in hostilities is clearly indicated by the circumstances.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: War Financing Act of 2003

Latest action (Jan 9, 2003): Read twice and referred to the Committee on Finance.

Policy area: Taxation · Origin: Senate · Introduced: Jan 9, 2003

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.