[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 281 Introduced in Senate (IS)]







105th CONGRESS
  1st Session
                                 S. 281

 To amend the Internal Revenue Code of 1986 to provide a mechanism for 
  taxpayers to designate $1 of any overpayment of income tax, and to 
    contribute other amounts, for use by the United States Olympic 
                               Committee.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            February 6, 1997

Mr. Stevens (for himself, Mr. Campbell, and Mr. Breaux) introduced the 
 following bill; which was read twice and referred to the Committee on 
                                Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to provide a mechanism for 
  taxpayers to designate $1 of any overpayment of income tax, and to 
    contribute other amounts, for use by the United States Olympic 
                               Committee.

    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 ``United States Olympic Checkoff 
Act''.

SEC. 2. DESIGNATION OF OVERPAYMENTS AND CONTRIBUTIONS FOR UNITED STATES 
              OLYMPIC TRUST FUND.

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

  ``PART IX--DESIGNATION OF OVERPAYMENTS AND CONTRIBUTIONS TO UNITED 
                       STATES OLYMPIC TRUST FUND

``SEC. 6097. AMOUNTS FOR UNITED STATES OLYMPIC TRUST FUND.

    ``(a) In General.--With respect to each taxpayer's return for the 
taxable year of the tax imposed by chapter 1, such taxpayer may 
designate that--
            ``(1) $1 of any overpayment of such tax for such taxable 
        year, and
            ``(2) any cash contribution which the taxpayer includes 
        with such return,
be paid over to the United States Olympic Trust Fund.
    ``(b) Joint Returns.--In the case of a joint return showing any 
overpayment of $2 or more, each spouse may designate $1 of such 
overpayment under subsection (a)(1).
    ``(c) 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 on the first page of the 
return.
    ``(d) Overpayments Treated as Refunded.--For purposes of this 
title, any overpayment of tax designated under subsection (a) shall be 
treated as being refunded to the taxpayer as of the 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) Clerical Amendment.--The table of parts for subchapter A of 
chapter 61 of such Code is amended by adding at the end the following 
new item:

                              ``Part IX. Designation of overpayments 
                                        and contributions for United 
                                        States Olympic Trust Fund.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning with the first full taxable year after 
the date of enactment of this Act.

SEC. 3. ESTABLISHMENT OF UNITED STATES OLYMPIC TRUST FUND.

    (a) In General.--Subchapter A of chapter 98 of the Internal Revenue 
Code of 1986 (relating to trust fund code) is amended by adding at the 
end the following new section:

``SEC. 9512. UNITED STATES OLYMPIC TRUST FUND.

    ``(a) Creation of Trust Fund.--There is established in the Treasury 
of the United States a trust fund to be known as the `United States 
Olympic Trust Fund', consisting of such amounts as may be appropriated 
or credited to the United States Olympic Trust Fund as provided in this 
section or section 9602(b).
    ``(b) Transfer to United States Olympic Trust Fund of Amounts 
Designated.--There is hereby appropriated to the United States Olympic 
Trust Fund amounts equivalent to the amounts designated under section 
6097 and received in the Treasury.
    ``(c) Expenditures From Trust Fund.--
            ``(1) Payments.--Not less often than quarterly, the 
        Secretary shall pay to the United States Olympic Committee an 
        amount from the United States Olympic Trust Fund equal to the 
        amount in such Fund as of the time of such payment, less any 
        administrative expenses of the Secretary which may be paid 
        under paragraph (2), for the purposes of carrying out the 
        Amateur Sports Act of 1978 (36 U.S.C. 371 et seq.).
            ``(2) Administrative expenses.--Amounts in the United 
        States Olympic Trust Fund shall be available to pay the 
        administrative expenses of the Department of the Treasury 
        directly allocable to--
                    ``(A) modifying the individual tax return forms to 
                carry out section 6097,
                    ``(B) carrying out this chapter with respect to 
                such Fund, and
                    ``(C) processing amounts received under section 
                6097 and transferring such amounts to such Fund.''.
    (b) Clerical Amendment.--The table of sections for such subchapter 
A is amended by adding at the end the following new item:

                              ``Sec. 9512. United States Olympic Trust 
                                        Fund.''.
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