H.R. 2214 (112th): Debt Elimination By Tax-Deductible Contribution Act of 2011

112th Congress, 2011–2013. Text as of Jun 16, 2011 (Introduced).

Status & Summary | PDF | Source: GPO

I

112th CONGRESS

1st Session

H. R. 2214

IN THE HOUSE OF REPRESENTATIVES

June 16, 2011

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 for a designation of tax overpayments to reduce the public debt, and for other purposes.

1.

Short title

This Act may be cited as the Debt Elimination By Tax-Deductible Contribution Act of 2011.

2.

Designation of donations for reduction of public debt

(a)

In general

Subchapter A of chapter 61 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part:

IX

Designation for donation to reduce public debt

Sec. 6097. Designation for donation to reduce public debt.

6097.

Designation for donation to reduce public debt

(a)

In general

Every taxpayer who makes a return of the tax imposed by subtitle A for any taxable year may designate that a specified portion (not less than $1) of the amount of any overpayment of tax for such taxable year shall be deposited in the general fund of the Treasury to be used to reduce the public debt.

(b)

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.
(c)

Treatment of amounts designated

For purposes of this title, the amount designated by any taxpayer under subsection (a)—

(1)

shall be treated as being refunded to such taxpayer as of the last date prescribed for filing the return of tax imposed by subtitle A (determined without regard to extensions) or, if later, the date the return is filed, and

(2)

shall be treated as a contribution made by such taxpayer to the United States on such date or, at the election of the taxpayer, on the last day of the taxable year with respect to which such return is filed.

.

(b)

Transfers to account To reduce public debt

The Secretary of the Treasury shall, from time to time, transfer to the special account established by section 3113(d) of title 31, United States Code, amounts equal to the amounts designated under section 6097(a) of the Internal Revenue Code of 1986.

(c)

Clerical amendment

The table of parts for such subchapter A of such Code is amended by adding at the end the following new item:

Part IX. Designation of donation To reduce public debt.

.

(d)

Effective date

The amendments made by this section shall apply to taxable years ending after December 31, 2010.

3.

Deductibility of gifts to the United States to reduce the public debt

Subsection (d) of section 3113 of title 31, United States Code, is amended by adding at the end the following new sentence: For deductibility of gifts to the United States to reduce the public debt, see the deduction for charitable contributions and gifts under section 170 of the Internal Revenue Code of 1986..