[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1470 Introduced in House (IH)]






109th CONGRESS
  1st Session
                                H. R. 1470

 To amend the Internal Revenue Code of 1986 to provide a tax credit to 
individuals who make contributions to finance the non-Federal share of 
                projects of the Army Corps of Engineers.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 5, 2005

   Mr. Paul 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 provide a tax credit to 
individuals who make contributions to finance the non-Federal share of 
                projects of the Army Corps of Engineers.

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

SECTION 1. CREDIT FOR CONTRIBUTIONS FOR NON-FEDERAL SHARE OF ARMY CORPS 
              OF ENGINEERS PROJECTS.

    (a) In General.--Subpart B of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to other credits) is 
amended by inserting after section 30A the following new section:

``SEC. 30B. CONTRIBUTIONS FOR NON-FEDERAL SHARE OF ARMY CORPS OF 
              ENGINEERS PROJECTS.

    ``(a) In General.--There shall be allowed as a credit against the 
tax imposed by this chapter for the taxable year an amount equal to the 
aggregate Army Corps of Engineers project contributions made by the 
taxpayer during such taxable year.
    ``(b) Army Corps of Engineers Project Contribution.--For purposes 
of this section, the term `Army Corps of Engineers project 
contribution' means any amount paid or incurred to any Federal, State, 
or local government, or instrumentality thereof, for the non-Federal 
share of any water resources project carried out by the Secretary of 
the Army acting through the Chief of Engineers.
    ``(c) Denial of Double Benefit.--No amount taken into account under 
this section shall be taken into account in determining any other 
credit or deduction under this chapter.
    ``(d) Application With Other Credits.--The credit allowed by this 
section shall not exceed the sum of--
            ``(1) the regular tax for the taxable year reduced by the 
        sum of the credits allowed under this part (other than this 
        section), and
            ``(2) the tentative minimum tax for the taxable year.''.
    (b) Clerical Amendment.--The table of sections of such subpart is 
amended by inserting after the item relating to section 30A the 
following new item:

``Sec. 30B. Contributions for non-Federal share of Army Corps of 
                            Engineers projects.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to amounts paid or incurred after the date of the enactment of 
this Act in taxable years ending after such date.
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