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H.R. 1996 (104th): United States Olympic Checkoff Act of 1995

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The text of the bill below is as of Jun 30, 1995 (Introduced). The bill was not enacted into law.

HR 1996 IH

104th CONGRESS

1st Session

H. R. 1996

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 HOUSE OF REPRESENTATIVES

June 30, 1995

Mr. FIELDS of Texas 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 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 ‘United States Olympic Checkoff Act of 1995’.

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 FOR UNITED STATES OLYMPIC TRUST FUND

‘Sec. 6097. Amounts for 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 an 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 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) 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 ending 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) IN GENERAL- The Secretary shall pay, not less often than quarterly, to the United States Olympic Committee from the United States Olympic Trust Fund an amount 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).

      ‘(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 income 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.’