HR 2972 101th Congress House Health Budget deficits Congressional budget Drug abuse Drugs Federal budgets Government securities Government spending reductions Government trust funds Income tax Narcotic traffic Off-budget expenditures Prisons Privatization Tax exclusion Tax refunds

Drug War Bond Act of 1989

Introduced: July 21, 1989 See on congress.gov

Everywhere this bill has been 13 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Apr 25, 1990

Committee Hearings Held.

Dec 31, 1989

Referred to the Subcommittee on the Legislative Process.

Aug 24, 1989

Referred to the Subcommittee on Select Education.

Aug 24, 1989

Referred to the Subcommittee on Postsecondary Education.

Aug 24, 1989

Referred to the Subcommittee on Elementary, Secondary and Vocational Education.

Aug 17, 1989

Referred to the Subcommittee on Crime.

Jul 27, 1989

Referred to the Subcommittee on Legislation and National Security.

Jul 21, 1989

Referred to the House Committee on Rules.

Jul 21, 1989

Referred to the House Committee on Government Operations.

Jul 21, 1989

Referred to the House Committee on Education and Labor.

Jul 21, 1989

Referred to the House Committee on Judiciary.

Jul 21, 1989

Referred to the House Committee on Ways and Means.

Jul 21, 1989

Introduced in House

Plain-English summary Congressional Research Service

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.

What's happening now April 25, 1990

Committee Hearings Held.

Committees of jurisdiction 11