I

103D CONGRESS

1ST SESSION H. R. 678

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

JANUARY 27, 1993

Mr. HEFLEY 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’’.
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1 SEC. 2. DESIGNATION FOR UNITED STATES OLYMPIC

2 TRUST FUND.

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

4 the Internal Revenue Code of 1986 is amended by adding

5 at the end thereof the following new part:

6 ‘‘PART IX—DESIGNATION OF OVERPAY7 MENTS AND CONTRIBUTIONS FOR

8 UNITED STATES OLYMPIC TRUST

9 FUND

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

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

11 FUND.

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

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

14 1, such taxpayer may designate that—

15 ‘‘(1) $1 of any overpayment of such tax for

16 such taxable year, and

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

18 includes with such return,

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

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

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

22 designate $1 of such overpayment under subsection (a)(1).

23 ‘‘(c) MANNER AND TIME OF DESIGNATION.—A des24 ignation under subsection (a) may be made with respect
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1 to any taxable year only at the time of filing the return

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

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

4 return.

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

6 For purposes of this title, any overpayment of tax des7 ignated under subsection (a) shall be treated as being re8 funded to the taxpayer as of the last date prescribed for

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

10 without regard to extensions) or, if later, the date the re11 turn is filed.’’

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

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

14 adding at the end thereof the following new item:

‘‘Part IX. Designation of overpayments and contributions for

United States Olympic Trust Fund.’’

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

16 this section shall apply to taxable years ending after the

17 date of enactment of this Act.

18 SEC. 3. ESTABLISHMENT OF UNITED STATES OLYMPIC

19 TRUST FUND.

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

21 Internal Revenue Code of 1986 (relating to trust fund

22 code) is amended by adding at the end thereof the follow23 ing new section:
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1 ‘‘SEC. 9512. UNITED STATES OLYMPIC TRUST FUND.

2 ‘‘(a) CREATION OF TRUST FUND.—There is estab3 lished in the Treasury of the United States a trust fund

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

5 consisting of such amounts as may be appropriated or

6 credited to the United States Olympic Trust Fund as pro7 vided in this section or section 9602(b).

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

9 FUND OF AMOUNTS DESIGNATED.—There is hereby ap10 propriated to the United States Olympic Trust Fund

11 amounts equivalent to the amounts designated under sec12 tion 6097 and received in the Treasury.

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

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

15 not less often than quarterly, to the United States

16 Olympic Committee from the United States Olympic

17 Trust Fund an amount equal to the amount in such

18 Fund as of the time of such payment less any ad19 ministrative expenses of the Secretary which may be

20 paid under paragraph (2).

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

22 the United States Olympic Trust Fund shall be

23 available to pay the administrative expenses of the

24 Department of the Treasury directly allocable to—

25 ‘‘(A) modifying the individual income tax

26 return forms to carry out section 6097,
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1 ‘‘(B) carrying out this chapter with respect

2 to such Fund, and

3 ‘‘(C) processing amounts received under

4 section 6097 and transferring such amounts to

5 such Fund.’’

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

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

8 thereof the following new item:

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

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