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[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 61 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                 H. R. 61

  To amend the Internal Revenue Code of 1986 to allow individuals to 
 designate all or any portion of their income tax refund to reduce the 
                              public debt.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            January 5, 1993

 Mr. Bereuter 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 all or any portion of their income tax refund to reduce the 
                              public debt.

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

SECTION 1. DESIGNATION OF OVERPAYMENTS 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 thereof the following new 
part:

  ``PART IX--DESIGNATION OF OVERPAYMENTS FOR REDUCTION OF PUBLIC DEBT.

                              ``Sec. 6097. Designation.

``SEC. 6097. DESIGNATION.

    ``(a) In General.--In the case of an individual, with respect to 
each taxpayer's return for the taxable year of the tax imposed by 
chapter 1, such taxpayer may designate that a specified portion (not 
less than $1) of any overpayment of tax for such taxable year shall 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 only at the 
time of filing the return of the tax imposed by chapter 1 for such 
taxable year. 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 extensions) or, if later, the date the 
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, the 
amounts of the overpayments of tax to which designations under section 
6097 of the Internal Revenue Code of 1986 apply.
    (c) Clerical Amendment.--The table of parts for subchapter A of 
chapter 61 of such Code is amended by adding at the end thereof the 
following new item:

                              ``Part IX. Designation of overpayments 
                                        for reduction of public debt.''
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1992.

                                 <all>
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