< Back to H.R. 5349 (106th Congress, 1999–2000)

Text of the Taxpayers’ Choice Debt Reduction Act

This bill was introduced on September 29, 2000, in a previous session of Congress, but was not enacted. The text of the bill below is as of Sep 29, 2000 (Introduced).

Source: GPO

HR 5349 IH

106th CONGRESS

2d Session

H. R. 5349

To amend the Internal Revenue Code of 1986 to allow individuals to designate $3 or more on their income tax returns to be used to reduce the public debt.

IN THE HOUSE OF REPRESENTATIVES

September 29, 2000

Mr. SANFORD (for himself, Mr. BACHUS, Mr. BALDACCI, Mr. BARTLETT of Maryland, Mr. BARTON of Texas, Mrs. BIGGERT, Mr. BILBRAY, Mr. BOUCHER, Mr. BRYANT, Mr. BURTON of Indiana, Mr. CAMPBELL, Mrs. CAPPS, Mr. CLEMENT, Mr. COBURN, Mr. CONDIT, Mr. CRANE, Mr. CUNNINGHAM, Mr. DEAL of Georgia, Mr. DELAHUNT, Mr. DEMINT, Mr. DICKEY, Mr. DOYLE, Mr. DUNCAN, Ms. ESHOO, Mr. EVERETT, Mr. EWING, Mr. GORDON, Mr. GRAHAM, Mr. GREEN of Texas, Mr. GREEN of Wisconsin, Mr. HALL of Texas, Mr. HAYWORTH, Mr. HERGER, Mr. HILL of Indiana, Mr. HOEKSTRA, Ms. HOOLEY of Oregon, Mr. HOSTETTLER, Mr. HUTCHINSON, Mr. JOHN, Mr. JONES of North Carolina, Mr. KINGSTON, Mr. LARGENT, Mr. LATOURETTE, Mr. LEWIS of Kentucky, Mr. LINDER, Mr. MANZULLO, Ms. MCCARTHY of Missouri, Mr. MCINTOSH, Mr. MCCRERY, Mr. METCALF, Mr. MICA, Mr. GARY MILLER of California, Mr. MINGE, Mr. MORAN of Virginia, Mrs. MYRICK, Mr. ORTIZ, Mr. PAUL, Mr. PICKERING, Mr. PITTS, Mr. PORTMAN, Mr. RILEY, Mr. ROYCE, Mr. RYUN of Kansas, Mr. SALMON, Mr. SANDLIN, Mr. SCHAFFER, Mr. SESSIONS, Mr. SHADEGG, Mr. SMITH of Texas, Mr. SMITH of Michigan, Mr. SOUDER, Mr. STENHOLM, Mr. TANCREDO, Mr. TERRY, Mr. THOMPSON of California, Mr. TOOMEY, Mr. UDALL of Colorado, Mr. VITTER, Mr. WAMP, Mr. WATKINS, Mr. WELDON of Florida, and Mr. WICKER) 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 $3 or more on their income tax returns to be used to reduce the public debt.

    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 ‘Taxpayers’ Choice Debt Reduction Act’.

SEC. 2. DESIGNATION OF INCOME TAX PAYMENTS TO REDUCE PUBLIC DEBT.

    (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 INCOME TAX PAYMENTS TO REDUCE PUBLIC DEBT

‘Sec. 6097. Designation by individuals.

‘SEC. 6097. DESIGNATION BY INDIVIDUALS.

    ‘(a) IN GENERAL- Every individual (other than a nonresident alien) whose income tax liability for the taxable year is $3 or more may designate that $3 shall be used to reduce the public debt of the United States. In the case of a joint return of husband and wife having an income tax liability of $6 or more, each spouse may designate that $3 shall be so used.

    ‘(b) INCOME TAX LIABILITY- For purposes of subsection (a), the income tax liability of an individual for any taxable year is the amount of the tax imposed by chapter 1 on such individual for such taxable year (as shown on his return), reduced by the sum of the credits (as shown in his return) allowable under part IV of subchapter A of chapter 1 (other than subpart C thereof).

    ‘(c) MANNER AND TIME OF DESIGNATION- A designation under subsection (a) may be made with respect to any taxable year--

      ‘(1) at the time of filing the return of the tax imposed by chapter 1 for such taxable year, or

      ‘(2) at any other time (after the time of filing the return of the tax imposed by chapter 1 for such taxable year) specified in regulations prescribed by the Secretary.

    Such designation shall be made in such manner as the Secretary prescribes by regulations except that, if such designation is made at the time of filing the return of the tax imposed by chapter 1 for such taxable year, such designation shall be made either on the first page of the return or on the page bearing the taxpayer’s signature.’

    (b) TRANSFER OF DESIGNATED AMOUNTS FOR PUBLIC DEBT REDUCTION- The Secretary of the Treasury shall, from time to time, transfer to the special account described in section 3113(d) of title 31, United States Code, the amounts designated under section 6097 of the Internal Revenue Code of 1986 to be used to reduce the public debt of the United States.

    (c) 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 income tax payments to reduce public debt.’

    (d) EFFECTIVE DATE- The amendments made by this section shall apply to taxable years beginning after December 31, 2000.