[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 171 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 171

  To amend the Internal Revenue Code of 1986 to repeal the income tax 
 check-off which provides funding for Presidential election campaigns 
         and to provide a check-off to reduce the public debt.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 5, 1993

  Mr. Duncan introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to repeal the income tax 
 check-off which provides funding for Presidential election campaigns 
         and to provide a check-off to reduce the public debt.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TERMINATION OF PRESIDENTIAL ELECTION CAMPAIGN FUND CHECK-
              OFF.

    Section 6096 of the Internal Revenue Code of 1986 (relating to 
designation of income tax payments to Presidential Election Campaign 
Fund) is amended by adding at the end thereof the following new 
subsection:
    ``(d) Termination.--This section shall not apply to any taxable 
year beginning after December 31, 1991.

SEC. 2. DESIGNATION OF OVERPAYMENTS AND CONTRIBUTIONS FOR REDUCTION OF 
              PUBLIC DEBT.

    (a) In General.--Subchapter A of chapter 61 of the Internal Revenue 
Code of 1986 is amended by adding at the end thereof the following new 
part:

``PART IX--DESIGNATION OF OVERPAYMENTS AND CONTRIBUTIONS FOR REDUCTION 
                            OF PUBLIC DEBT.

                              ``Sec. 6097. Designation.

``SEC. 6097. DESIGNATION.

    ``(a) In General.--In the case of an individual, with respect to 
each taxpayer's return for the taxable year of the tax imposed by 
chapter 1, such taxpayer may designate that--
            ``(1) a specified portion (not less than $1) of any 
        overpayment of tax for such taxable year, and
            ``(2) any cash contribution which the taxpayer includes 
        with such return,
shall be used to reduce the public debt.
    ``(b) Manner and Time of Designation.--A designation under 
subsection (a) may be made with respect to any taxable year only at the 
time of filing the return of the tax imposed by chapter 1 for such 
taxable year. Such designation shall be made in such manner as the 
Secretary prescribes by regulations except that such designation shall 
be made either on the first page of the return or on the page bearing 
the taxpayer's signature.
    ``(c) Overpayments Treated As Refunded.--For purposes of this 
title, any portion of an overpayment of tax designated under subsection 
(a) shall be treated as being refunded to the taxpayer as of the last 
date prescribed for filing the return of tax imposed by chapter 1 
(determined without regard to extensions) or, if later, the date the 
return is filed.
    ``(d) Forms To Include Address for Other Public Debt Reduction 
Contributions.--The Secretary shall include on returns of tax imposed 
by chapter 1 the address to which taxpayers may send at any time 
additional contributions to reduce the public debt.''
    (b) Transfers To Account to Reduce Public Debt.--The Secretary of 
the Treasury shall, from time to time, transfer to the special account 
established by section 3113(d) of title 31, United States Code--
            (1) the amounts of the overpayments of tax to which 
        designations under section 6097 of the Internal Revenue Code of 
        1986 apply, and
            (2) the amounts of contributions made under such section to 
        the United States.
    (c) Clerical Amendment.--The table of parts for subchapter A of 
chapter 61 of such Code is amended by adding at the end thereof the 
following new item:

                              ``Part IX. Designation of overpayments 
                                        and contributions for reduction 
                                        of public debt.''
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1991.

SEC. 3. INDIVIDUALS WHO DO NOT ITEMIZE DEDUCTIONS ALLOWED DEDUCTION FOR 
              CONTRIBUTIONS TO REDUCE PUBLIC DEBT.

    (a) In General.--Section 170 of the Internal Revenue Code of 1986 
(relating to charitable, etc., contributions and gifts) is amended by 
redesignating subsection (m) as subsection (n) and by inserting after 
subsection (l) the following new subsection:
    ``(m) Individuals Who Do Not Itemize Deductions Allowed Deduction 
for Contributions To Reduce Public Debt.--In the case of an individual 
who does not itemize his deductions for the taxable year, the amount 
allowable under subsection (a) for such taxable year for contributions 
made to the Secretary to reduce the public debt shall be taken into 
account as a direct public debt reduction contribution under section 
63.''
    (b) Taxable Income Reduced By Contributions.--Subsection (b) of 
section 63 of such Code (defining taxable income) is amended by 
striking ``and'' at the end of paragraph (1), by striking the period at 
the end of paragraph (2) and inserting ``, and'', and by adding at the 
end thereof the following new paragraph:
            ``(3) the direct public debt reduction contribution.''
    (c) Conforming Amendments.--
            (1) Subsection (f) of section 63 of such Code (defining 
        itemized deductions) is amended by striking ``and'' at the end 
        of paragraph (1), by striking the period at the end of 
        paragraph (2) and inserting ``, and'', and by adding at the end 
        thereof the following new paragraph:
            ``(3) the direct public debt reduction contribution.''
            (2) Section 63 of such Code is amended by adding at the end 
        thereof the following new subsection:
    ``(h) Direct Public Debt Reduction Contribution.--For purposes of 
this section, the term `direct public debt reduction contribution' 
means that portion of the amount allowable under section 170(a) which 
is taken as a direct public debt reduction contribution for the taxable 
year under section 170(m).''
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1992.

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