Drug War Bond Act of 1989

Summary

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). Provides that as of FY 1990, unobligated funds remaining in the Department of Justice Assets Forfeiture Fund shall be deposited in the War on Drugs Trust Fund. Amends the Anti-Drug Abuse Act of 1988 to terminate the Special Forfeiture 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 Drug War Stamps; (2) certain cash contributions and portions of tax overpayments; and (3) amounts made available from excess monies in the Department of Justice Assets Foreifeiture Fund. Prescribes expenditures from the War on Drugs Trust Fund, including construction of Federal prison facilities and education and rehabilitation programs. Exempts receipts of and expenditures from the War on Drugs Trust Fund from: (1) statutory expenditures and lending limitations; and (2) certain orders issued under the Balanced Budget and Emergency Deficit Control Act of 1985. 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. Declares that it is not in order for the Congress to consider any proposal for spending less on drug related programs than the total established for the prior fiscal year (plus an additional amount to compensate for inflation).

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2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 24 July 1989

  Open at official source

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