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119-s-5531119th Congress

IRL Act

Sponsored By: Senator Murphy, Christopher [D-CT]

Introduced

Summary

Would impose a federal excise tax on algorithmic digital advertising revenue and funnel those receipts into a new Social Capital Fund. The bill targets large social media platforms that use personalized recommendation systems and directs the tax revenue to HUD-run grants for local civic programs.

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  • Large social media platforms would face a tiered excise tax based on U.S.-viewed ad revenue. No tax applies at or below $500 million and the rate can reach as high as 50% for the biggest revenue levels.
  • Communities, nonprofits, tribes, and local governments would get grants financed by the tax. Seventy-five percent of Fund dollars go out by a HUD formula like section 106 and 25 percent are competitive awards.
  • The tax applies only to platforms that meet the statute's definition of a social media platform and use a personalized recommendation system. The Treasury must write rules, set reporting requirements, and coordinate with FCC and Commerce.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & CoSponsors

Sponsor

Murphy, Christopher [D-CT]

CT • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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