[Congressional Record Volume 143, Number 14 (Thursday, February 6, 1997)]
[Senate]
[Pages S1102-S1103]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. STEVENS (for himself, Mr. Campbell, and Mr. Breaux):
  S. 281. 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; to the Committee on Finance.


                 THE UNITED STATES OLYMPIC CHECKOFF ACT

  Mr. STEVENS. Mr. President, today I bring to the Senate the United 
States Olympic Checkoff Act. This bill would provide significant--and 
needed--new funding for our Nation's amateur athletic movement. This 
will present a way for Americans to show support for the United States 
Olympic Committee, the USOC, and for our amateur athletes. Simply by 
checking a box on their tax returns, American taxpayers could designate 
a dollar from their refunds to go to the USOC, or they could enclose a 
contribution to the USOC when they mail their tax forms. This concept 
is similar to the existing Presidential checkoff. It is different 
though, in that this deduction for the Olympic Committee would come 
from the taxpayers' own money, their refunds or their contributions, 
and not from the money destined for the Federal Treasury.
  The Amateur Sports Act of 1978 made the USOC the central coordinating 
body for amateur sports in the United States. The responsibilities of 
the act, that is the responsibilities given by the act to the USOC, 
include training and selecting athletes to represent the United States 
at international competitions and, equally important, encouraging 
athletic activities for all amateur athletes in the United States 
through grassroots sports opportunities.
  What the Amateur Sports Act does not do is authorize Federal funding 
of the USOC. In almost every other nation in the world, Olympic and 
amateur sports receive substantial government funding. That is not true 
in our country. The USOC's primary means of raising money to support 
U.S. athletes and to carry out the purposes of the act is through 
charging sponsors a fee to use the words ``Olympics'' or ``Olympiad,'' 
and to display the Olympic symbol of five interlocking rings. Sponsors' 
fees do not come close to providing the funds necessary to train our 
growing legions of athletes. Our athletes at the grassroots level are 
not getting a fair chance to be competitive with their counterparts 
from nations that provide funding from government sources.
  My bill would create a new trust fund in the Treasury called the 
United States Olympic Trust Fund. The amounts voluntarily contributed 
by Americans would be deposited into the trust fund. At least once 
quarterly, the Secretary of Treasury would distribute the amounts in 
the trust fund to the USOC, after deducting reasonable administrative 
costs.
  I look forward to working with the Senate Finance Committee and all 
of the Senate and the House to achieve enactment of this valuable 
legislation in this Congress. I hope this bill will be welcomed by all 
Americans who believe in the importance of our country's athletic 
programs.
  Mr. President, I ask unanimous consent that the text of the bill be 
printed in the Record.
  There being no objection, the bill was ordered to be printed in the 
Record, as follows:

                                 S. 281

       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

[[Page S1103]]

     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.''.
                                 ______