Cancer Research Fund Act of 1997

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Cancer Research Fund Act of 1997''.

SEC. 2. ESTABLISHMENT OF CANCER RESEARCH TRUST FUND.

    Part A of title IV of the Public Health Service Act (42 U.S.C. 281 
et seq.) is amended by adding at the end thereof the following new 
section:

``SEC. 404F. ESTABLISHMENT OF CANCER RESEARCH TRUST FUND.

    ``(a) Establishment.--There is established in the Treasury of the 
United States a trust fund, to be known as the `Cancer Research Trust 
Fund' (hereafter in this section referred to as the `Fund'), consisting 
of such amounts as are credited or paid to the Fund as provided for in 
section 6098 of the Internal Revenue Code of 1986 and any interest 
earned on investment of amounts in the Fund.
    ``(b) Investment of Trust Fund.--
            ``(1) In general.--It shall be the duty of the Secretary of 
        the Treasury to invest such portion of the Fund as is not, in 
        the Secretary's judgment, required to meet current withdrawals. 
        Such investments may be made only in interest-bearing 
        obligations of the United States or in obligations guaranteed 
        as to both principal and interest by the United States. For 
        such purpose, such obligations may be acquired--
                    ``(A) on original issue at the issue price, or
                    ``(B) by purchase of outstanding obligations at the 
                market price.
        The purposes for which obligations of the United States may be 
        issued under chapter 31 of title 31, of the United States Code, 
        are hereby extended to authorize the issuance at par of special 
        obligations exclusively to the Fund. Such special obligations 
        shall bear interest at a rate equal to the average rate of 
        interest, computed as to the end of the calendar month next 
        preceding the date of such issue, borne by all marketable 
        interest-bearing obligations of the United States then forming 
        a part of the Public Debt; except that where such average rate 
        is not a multiple of one-eighth of 1 percent, the rate of 
        interest of such special obligations shall be the multiple of 
        one-eighth of 1 percent next lower than such average rate. Such 
        special obligations shall be issued only if the Secretary of 
        the Treasury determines that the purchase of other interest-
        bearing obligations of the United States, or of obligations 
        guaranteed as to both principal and interest by the United 
        States on original issue or at the market price, is not in the 
        public interest.
            ``(2) Sale of obligation.--Any obligation acquired by the 
        Fund (except special obligations issued exclusively to the 
        Fund) may be sold by the Secretary of the Treasury at the 
        market price, and such special obligations may be redeemed at 
        par plus accrued interest.
            ``(3) Credits to trust fund.--The interest on, and the 
        proceeds from the sale or redemption of, any obligations held 
        in the Fund shall be credited to and form a part of the Fund.
    ``(c)  Obligations From Fund.--
            ``(1) In general.--The Secretary of Health and Human 
        Services shall annually make available such sums as are 
        available in the Fund (including any amounts not obligated in 
        previous fiscal years) to the National Institutes of Health for 
        the conduct of biomedical, intramural and extramural research.
            ``(2) Director of nih.--The Director of the National 
        Institutes of Health may distribute amounts made available 
        under paragraph (1) among the various research institutes and 
        centers of the National Institutes of Health to enable such 
        institutes and centers to conduct research that the Director 
        determines is appropriate. The Director shall make awards from 
        amounts available under paragraph (1) for research on cancer.
    ``(d) Supplement Not Supplant.--Amounts provided to an institute or 
center under subsection (c) shall be used to supplement and not 
supplant other research conducted with Federal funds.
    ``(e) Limitation.--No expenditure shall be made under subsection 
(c)(1) during any fiscal year in which the annual amount appropriated 
for the National Institutes of Health is less than the amount so 
appropriated for the prior fiscal year.''.

SEC. 3. AMENDMENT TO INTERNAL REVENUE CODE OF 1986.

    (a) In General.--Subchapter A of chapter 61 of the Internal Revenue 
Code of 1986 (relating to information and returns) is amended by adding 
at the end the following new part:

  ``PART IX--DESIGNATION OF OVERPAYMENTS AND CONTRIBUTIONS TO CANCER 
                          RESEARCH TRUST FUND

                              ``Sec. 6098. Designation to Cancer 
                                        Research Trust Fund.

``SEC. 6098. DESIGNATION TO CANCER RESEARCH TRUST FUND.

    ``(a) In General.--Every individual (other than a nonresident 
alien) may--
            ``(1) designate that a portion (not less than $1) of any 
        overpayment of the tax imposed by chapter 1 for the taxable 
        year, and
            ``(2) provide that a cash contribution (not less than $1),
be paid over to the Cancer Research Trust Fund in accordance with the 
provisions of section 404F of the Public Health Service Act. In the 
case of a joint return of a husband and wife, each spouse may designate 
one-half of any such overpayment of tax (not less than $2).
    ``(b) Manner and Time of Designation.--Any designation or payment 
under subsection (a) may be made with respect to any taxable year only 
at the time of filing the original return of the tax imposed by chapter 
1 for such taxable year. Such designation shall be made on the page 
bearing the taxpayer's signature, and in close proximity to such 
signature, and shall be labeled `Cancer Research Fund'.
    ``(c) Overpayments Treated as Refunded.--For purposes of this 
section, any overpayment of tax designated under subsection (a) shall 
be treated as being refunded to the taxpayer as of the last day 
prescribed for filing the return of tax imposed by chapter 1 
(determined with 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 the Internal Revenue Code of 1986 is amended by adding at 
the end the following new item:

                              ``Part IX. Designation of overpayments 
                                        and contributions to Cancer 
                                        Research Trust Fund.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1996.

Summary: Cancer Research Fund Act of 1997 - Amends the Public Health Service Act to establish in the Treasury the Cancer Research Trust Fund consisting of such amounts as are credited or paid to the Fund as provided for under the Internal Revenue Code and any interest earned on investment of amounts in the Fund. Directs the Secretary of Health and Human Services to annually make available such sums as are available in the Fund to the National Institutes of Health (NIH) for the conduct of biomedical, intramural, and extramural research. Prohibits an expenditure from being made during any fiscal year in which the annual amount appropriated for NIH is less than the amount so appropriated for the prior fiscal year. Authorizes the NIH Director to distribute amounts made available among the various research institutes and centers to conduct research that the Director determines is appropriate. Requires the Director to make awards from such amounts available for research on cancer. Requires amounts provided to an institute or center to be used to supplement and not supplant other research conducted with Federal funds. Amends the Internal Revenue Code to allow every individual to: (1) designate that a portion of any overpayment of tax. And (2) provide that a cash contribution , be paid over to the Cancer Research Trust Fund in accordance with the Public Health Service Act. Allows each spouse, in the case of a joint return, to designate one-half of any such overpayment of tax .