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104TH CONGRESS

1ST SESSION H. R. 1442

To amend the Internal Revenue Code of 1986 to allow individuals to designate

any portion of their income tax overpayments, and to make other contributions, for deficit reduction.

IN THE HOUSE OF REPRESENTATIVES

APRIL 6, 1995

Mr. MINGE (for himself, Mrs. MEYERS of Kansas, Mr. DEFAZIO, and Mrs.

FOWLER) 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 any portion of their income tax

overpayments, and to make other contributions, for deficit reduction.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE.

4 This Act may be cited as the ‘‘Check-Off for Our

5 Children Act’’.

6 SEC. 2. FINDINGS AND PURPOSES.

7 (a) FINDINGS.—The Congress finds that—
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1 (1) the Federal budget has not been balanced

2 since 1969, an unprecedented 26-year string of

3 budget shortfalls, and the Federal debt has been ris4 ing quickly as each annual deficit adds to the total

5 accumulation of the national debt;

6 (2) the large Federal debt has become a threat

7 to the economic stability of the United States and to

8 its future generations; and

9 (3) policies must be implemented to balance the

10 Federal budget and to pay down the Federal debt.

11 (b) PURPOSES.—The purposes of this Act are—

12 (1) to form a Partnership for America’s Future

13 between the citizens and the Congress of the United

14 States to reduce the principal of our national debt

15 and to reclaim the economic future of the next gen16 eration of Americans;

17 (2) to encourage each American to practice an

18 individual stewardship responsibility; and

19 (3) to provide the American taxpayer an oppor20 tunity to participate in the Partnership for Ameri21 ca’s Future by making a contribution of all or any

22 part of a Federal income tax overpayment to the

23 United States Treasury for the sole purpose of retir24 ing the national debt.
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1 SEC. 3. DESIGNATION OF OVERPAYMENTS AND CONTRIBU2 TIONS FOR REDUCTION OF PUBLIC DEBT.

3 (a) IN GENERAL.—Subchapter A of chapter 61 of the

4 Internal Revenue Code of 1986 is amended by adding at

5 the end the following new part:

6 ‘‘PART IX—DESIGNATION OF OVERPAYMENTS

7 AND CONTRIBUTIONS FOR REDUCTION OF

8 PUBLIC DEBT

‘‘Sec. 6097. Designation.

9 ‘‘SEC. 6097. DESIGNATION.

10 ‘‘(a) IN GENERAL.—In the case of an individual, with

11 respect to each taxpayer’s return for the taxable year of

12 the tax imposed by chapter 1, such taxpayer may des13 ignate that—

14 ‘‘(1) a specified portion of any overpayment of

15 tax for such taxable year, and

16 ‘‘(2) any cash contribution which the taxpayer

17 includes with such return,

18 shall be used to reduce the public debt.

19 ‘‘(b) MANNER AND TIME OF DESIGNATION.—A des20 ignation under subsection (a) may be made with respect

21 to any taxable year only at the time of filing the return

22 of the tax imposed by chapter 1 for such taxable year.

23 Such designation shall be made in such manner as the

24 Secretary prescribes by regulations except that such des-
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1 ignation shall be made either on the first page of the re2 turn or on the page bearing the taxpayer’s signature.

3 ‘‘(c) OVERPAYMENTS TREATED AS REFUNDED.—

4 For purposes of this title, any portion of an overpayment

5 of tax designated under subsection (a) shall be treated as

6 being refunded to the taxpayer as of the last date pre7 scribed for filing the return of tax imposed by chapter 1

8 (determined without regard to extensions) or, if later, the

9 date the return is filed.’’.

10 (b) TRANSFERS TO ACCOUNT TO REDUCE PUBLIC

11 DEBT.—The Secretary of the Treasury shall, from time

12 to time, transfer to the special account established by sec13 tion 3113(d) of title 31, United States Code—

14 (1) the amounts of the overpayments of tax to

15 which designations under section 6097 of the Inter16 nal Revenue Code of 1986 apply, and

17 (2) the amounts of contributions made under

18 such section to the United States.

19 The Secretary shall submit annual reports to the Congress

20 on the aggregate amount of such overpayments des21 ignated, and the aggregate amount of such contributions

22 received, during the year.

23 (c) CLERICAL AMENDMENT.—The table of parts for

24 subchapter A of chapter 61 of such Code is amended by

25 adding at the end thereof the following new item:
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‘‘Part IX. Designation of overpayments and contributions for reduction of public debt.’’

1 (d) EFFECTIVE DATE.—The amendments made by

2 this section shall apply to taxable years beginning after

3 December 31, 1994.

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