[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1442 Introduced in House (IH)]

  1st Session
                                H. R. 1442

  To amend the Internal Revenue Code of 1986 to allow individuals to 
  designate any portion of their income tax overpayments, and to make 
              other contributions, for deficit reduction.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 6, 1995

 Mr. Minge (for himself, Mrs. Meyers of Kansas, Mr. DeFazio, and Mrs. 
   Fowler) 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 allow individuals to 
  designate any portion of their income tax overpayments, and to make 
              other contributions, for deficit reduction.

    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 ``Check-Off for Our Children Act''.

SEC. 2. FINDINGS AND PURPOSES.

    (a) Findings.--The Congress finds that--
            (1) the Federal budget has not been balanced since 1969, an 
        unprecedented 26-year string of budget shortfalls, and the 
        Federal debt has been rising quickly as each annual deficit 
        adds to the total accumulation of the national debt;
            (2) the large Federal debt has become a threat to the 
        economic stability of the United States and to its future 
        generations; and
            (3) policies must be implemented to balance the Federal 
        budget and to pay down the Federal debt.
    (b) Purposes.--The purposes of this Act are--
            (1) to form a Partnership for America's Future between the 
        citizens and the Congress of the United States to reduce the 
        principal of our national debt and to reclaim the economic 
        future of the next generation of Americans;
            (2) to encourage each American to practice an individual 
        stewardship responsibility; and
            (3) to provide the American taxpayer an opportunity to 
        participate in the Partnership for America's Future by making a 
        contribution of all or any part of a Federal income tax 
        overpayment to the United States Treasury for the sole purpose 
        of retiring the national debt.

SEC. 3. 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 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 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.''.
    (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.
The Secretary shall submit annual reports to the Congress on the 
aggregate amount of such overpayments designated, and the aggregate 
amount of such contributions received, during the year.
    (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, 1994.
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