United States Textbook and Technology Trust Fund Act

Summary: United States Textbook and Technology Trust Fund Act - Amends the Internal Revenue Code to permit an individual to designate on a tax return that there shall be paid into the United States Textbook and Technology Fund (the Fund): (1) one dollar of a tax overpayment; and (2) any cash contribution which the individual includes in the return. Creates such Fund.  Makes qualifying public elementary and secondary schools eligible to receive grants from the Fund.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``United States Textbook and 
Technology Trust Fund Act''.

SEC. 2. UNITED STATES TEXTBOOK AND TECHNOLOGY TRUST FUND.

    (a) Designation of Overpayments and Contributions for United States 
Textbook and Technology Trust Fund.--Subchapter A of chapter 61 of 
theInternal Revenue Code of 1986 is amended by adding at the end the 
following new part:

  ``PART IX--DESIGNATION OF OVERPAYMENTS AND CONTRIBUTIONS FOR UNITED 
               STATES TEXTBOOK AND TECHNOLOGY TRUST FUND

                              ``Sec. 6097. Designation.

``SEC. 6097. DESIGNATION.

    ``(a) In General.--In the case of an individual, with respect to 
each return of the taxpayer for the taxable year of the tax imposed by 
chapter 1, such taxpayer may designate that--
            ``(1) $1 of any overpayment of tax for such taxable year, 
        and
            ``(2) any cash contribution which the taxpayer includes 
        with such return,
shall be paid over to the United States Textbook and Technology Trust 
Fund in accordance with the provisions of section 9512. In the case of 
a joint return with respect to which an overpayment of $2 or more is 
due, each spouse may designate that $1 shall be paid to such trust 
fund.
    ``(b) Manner and Time of Designation.--A designation under the 
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 such designation shall be made 
either on the first page of the return or on the page bearing the 
taxpayer's signature.
    ``(c) Overpayments Treated as Refunded.--For purposes of this 
title, any portion of an 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 extension).''
    (b) Creation of Trust Fund.--Subchapter A of chapter 98 of such 
Code is amended by adding at the end the following new section:

``SEC. 9512. UNITED STATES TEXTBOOK AND TECHNOLOGY 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 
Textbook and Technology Trust Fund', consisting of such amounts as may 
be credited or paid to such trust fund as provided in section 6097 or 
section 9602(b).
    ``(b) Transfers to Trust Fund.--There are hereby appropriated to 
the United States Textbook and Technology Trust Fund amounts equivalent 
to--
            ``(1) the amounts of the overpayments of tax to which 
        designations under section 6097 apply, and
        ``(2) the amounts of contributions made under section 6097 to 
        such trust fund.
    ``(c) Expenditures From Trust Fund.--Amounts in the United States 
Textbook and Technology Trust Fund shall be available, as provided in 
appropriations Acts, for purposes of making expenditures to carry out 
section 3 of the United States Textbook and Technology Trust Fund 
Act.''
    (c) Clerical Amendments.--
            (1) 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 Textbook and Technology 
                                        Trust Fund.''
            (2) The table of sections for subchapter A of chapter 98 of 
        such Code is amended by adding at the end the following new 
        item:

                              ``Sec. 9512. United States Textbook and 
                                        Technology Trust Fund.''
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.

SEC. 3. GRANTS TO SCHOOLS.

    (a) Eligibility of Public Schools.--A public elementary school (as 
such term is defined in section 14101 of the Elementary and Secondary 
Education Act of 1965) or secondary school (as such term is defined in 
such section) is eligible to receive a grant under this section from 
the United States Textbook and Technology Trust Fund established 
pursuant to section 9512 of the Internal Revenue Code of 1986 for any 
fiscal year by submitting an application to the Secretary of Education 
that includes--
            (1) certification that the school does not have the 
        financial resources available to purchase new textbooks or 
        computer software containing textbook content;
            (2) assurances that funds received under this section will 
        be used only to purchase new textbooks or computer software 
        containing textbook content for the school;
            (3) assurances that funds received under this section will 
        be used to supplement, not supplant, other funds received by 
        such school; and
            (4) an agreement to make available any financial records 
        that the Secretary may need for audit purposes.
    (b) Grant Selection.--The Secretary of Education shall select the 
number of grant awards made under this section and the amount of each 
such award based upon economic need in accordance with regulations 
published by the Secretary.