Political Quotes

“I ask unanimous consent that the text of the bill be printed in the Record. There being no objection, the text of the bill was ordered to be printed in the Record, as follows: S. 898 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 ``Merchant Category Code Neutrality Act'' SEC. 2. PROHIBITION ON AUDITS BASED ON MERCHANT CATEGORY CODES. Section 7602 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: ``(g) Prohibition of Audits Based on Merchant Category Codes.-- ``(1) In general.--The Secretary shall not take any action described in paragraph (1), (2), or (3) of subsection (a) based primarily on the Merchant Category Codes, or other similar codes, used to classify the goods or services provided or furnished by the business of the respective taxpayer. ``(2) Annual report.--For each taxable year, the Secretary shall issue a public report providing a tally of each Merchant Category Code for any action described in paragraph (1), (2), or (3) of subsection (a) initiated in such year. ``(3) Merchant category code.--The term `Merchant Category Code' means classification codes assigned by payment card organizations to merchants or payees that accept its payment cards to classify the goods or services provided or furnished by a merchant or payee.''. ____________________”