I

104TH CONGRESS

1ST SESSION H. R. 1996

To amend the Internal Revenue Code of 1986 to provide a mechanism

for taxpayers to designate $1 of any overpayment of income tax, and

to contribute other amounts, for use by the United States Olympic

Committee.

IN THE HOUSE OF REPRESENTATIVES

JUNE 30, 1995

Mr. FIELDS of Texas 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

a mechanism for taxpayers to designate $1 of any overpayment of income tax, and to contribute other amounts,

for use by the United States Olympic Committee.

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 ‘‘United States Olympic

5 Checkoff Act of 1995’’.
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1 SEC. 2. DESIGNATION OF OVERPAYMENTS AND CONTRIBU2 TIONS FOR UNITED STATES OLYMPIC TRUST

3 FUND.

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

5 Internal Revenue Code of 1986 (relating to returns and

6 records) is amended by adding at the end the following

7 new part:

8 ‘‘PART IX—DESIGNATION OF OVERPAY9 MENTS AND CONTRIBUTIONS FOR

10 UNITED STATES OLYMPIC TRUST

11 FUND

‘‘Sec. 6097. Amounts for United States Olympic Trust Fund.

12 ‘‘SEC. 6097. AMOUNTS FOR UNITED STATES OLYMPIC TRUST

13 FUND.

14 ‘‘(a) IN GENERAL.—With respect to each taxpayer’s

15 return for the taxable year of the tax imposed by chapter

16 1, such taxpayer may designate that—

17 ‘‘(1) $1 of any overpayment of such tax for

18 such taxable year, and

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

20 includes with such return,

21 be paid over to the United States Olympic Trust Fund.

22 ‘‘(b) JOINT RETURNS.—In the case of a joint return

23 showing an overpayment of $2 or more, each spouse may

24 designate $1 of such overpayment under subsection (a)(1).
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1 ‘‘(c) MANNER AND TIME OF DESIGNATION.—A des2 ignation under subsection (a) may be made with respect

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

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

5 Such designation shall be made on the first page of the

6 return.

7 ‘‘(d) OVERPAYMENTS TREATED AS REFUNDED.—

8 For purposes of this title, any overpayment of tax des9 ignated under subsection (a) shall be treated as being re10 funded to the taxpayer as of the last date prescribed for

11 filing the return of tax imposed by chapter 1 (determined

12 without regard to extensions) or, if later, the date the re13 turn is filed.’’

14 (b) CLERICAL AMENDMENT.—The table of parts for

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

16 adding at the end the following new item:

‘‘Part IX. Designation of overpayments and contributions for

United States Olympic Trust Fund.’’

17 (c) EFFECTIVE DATE.—The amendments made by

18 this section shall apply to taxable years ending after the

19 date of enactment of this Act.

20 SEC. 3. ESTABLISHMENT OF UNITED STATES OLYMPIC

21 TRUST FUND.

22 (a) IN GENERAL.—Subchapter A of chapter 98 of the

23 Internal Revenue Code of 1986 (relating to trust fund
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1 code) is amended by adding at the end the following new

2 section:

3 ‘‘SEC. 9512. UNITED STATES OLYMPIC TRUST FUND.

4 ‘‘(a) CREATION OF TRUST FUND.—There is estab5 lished in the Treasury of the United States a trust fund

6 to be known as the ‘United States Olympic Trust Fund’,

7 consisting of such amounts as may be appropriated or

8 credited to the United States Olympic Trust Fund as pro9 vided in this section or section 9602(b).

10 ‘‘(b) TRANSFER TO UNITED STATES OLYMPIC TRUST

11 FUND OF AMOUNTS DESIGNATED.—There is hereby ap12 propriated to the United States Olympic Trust Fund

13 amounts equivalent to the amounts designated under sec14 tion 6097 and received in the Treasury.

15 ‘‘(c) EXPENDITURES FROM TRUST FUND.—

16 ‘‘(1) IN GENERAL.—The Secretary shall pay,

17 not less often than quarterly, to the United States

18 Olympic Committee from the United States Olympic

19 Trust Fund an amount equal to the amount in such

20 Fund as of the time of such payment less any ad21 ministrative expenses of the Secretary which may be

22 paid under paragraph (2).

23 ‘‘(2) ADMINISTRATIVE EXPENSES.—Amounts in

24 the United States Olympic Trust Fund shall be
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1 available to pay the administrative expenses of the

2 Department of the Treasury directly allocable to—

3 ‘‘(A) modifying the individual income tax

4 return forms to carry out section 6097,

5 ‘‘(B) carrying out this chapter with respect

6 to such Fund, and

7 ‘‘(C) processing amounts received under

8 section 6097 and transferring such amounts to

9 such Fund.’’

10 (b) CLERICAL AMENDMENT.—The table of sections

11 for such subchapter A is amended by adding at the end

12 the following new item:

‘‘Sec. 9512. United States Olympic Trust Fund.’’

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