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‘‘(b) MANNER AND TIME OF DESIGNATION.—A des-
ignation under the subsection (a) may be made with re-
spect to any taxable year—
‘‘(1) at the time of filing the return of the tax
imposed by chapter 1 for such taxable year, or
‘‘(2) at any other time (after the time of filing
the return of the tax imposed by chapter 1 for such
taxable year) specified in regulations prescribed by
the Secretary.
Such designation shall be made in such manner as the
Secretary prescribes by regulations except that such des-
ignation shall be made either on the first page of the re-
turn 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 pre-
scribed for filing the return of tax imposed by chapter 1
(determined without regard to extension).’’
(b) CREATION OF TRUST FUND.—Subchapter A of
chapter 98 of such Code is amended by adding at the end
the following new section:
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‘‘SEC. 9512. UNITED STATES TEXTBOOK AND TECHNOLOGY
TRUST FUND.
‘‘(a) CREATION OF TRUST FUND.—There is estab-
lished in the Treasury of the United States a trust fund
to be known as the ‘United States Textbook and Tech-
nology Trust Fund’, consisting of such amounts as may
be credited or paid to such trust fund as provided in sec-
tion 6097 or section 9602(b).
‘‘(b) TRANSFERS TO TRUST FUND.—There are here-
by appropriated to the United States Textbook and Tech-
nology Trust Fund amounts equivalent to—
‘‘(1) the amounts of the overpayments of tax to
which designations under section 6097 apply, and
‘‘(2) the amounts of contributions made under sec-
tion 6097 to such trust fund.
‘‘(c) EXPENDITURES FROM TRUST FUND.—Amounts
in the United States Textbook and Technology Trust
Fund shall be available, as provided in appropriations
Acts, for purposes of making expenditures to carry out
section 3 of the United States Textbook and Technology
Trust Fund Act.’’
(c) CLERICAL AMENDMENTS.—
(1) The table of parts for subchapter A of chap-
ter 61 of such Code is amended by adding at the
end the following new item:
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‘‘Part IX. Designation of overpayments and contributions for
United States Textbook and Technology Trust
Fund.’’
(2) The table of sections for subchapter A of
chapter 98 of such Code is amended by adding at
the end the following new item:
‘‘Sec. 9512. United States Textbook and Technology Trust
Fund.’’
(d) EFFECTIVE DATE.—The amendments made by
this section shall apply to taxable years ending after the
date of the enactment of this Act.
SEC. 3. GRANTS TO SCHOOLS.
(a) ELIGIBILITY OF PUBLIC SCHOOLS.—A public ele-
mentary school (as such term is defined in section 14101
of the Elementary and Secondary Education Act of 1965)
or secondary school (as such term is defined in such sec-
tion) is eligible to receive a grant under this section from
the United States Textbook and Technology Trust Fund
established pursuant to section 9512 of the Internal Reve-
nue Code of 1986 for any fiscal year by submitting an
application to the Secretary of Education that includes—
(1) certification that the school does not have
the financial resources available to purchase new
textbooks or computer software containing textbook
content;
(2) assurances that funds received under this
section will be used only to purchase new textbooks
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or computer software containing textbook content
for the school;
(3) assurances that funds received under this
section will be used to supplement, not supplant,
other funds received by such school; and
(4) an agreement to make available any finan-
cial records that the Secretary may need for audit
purposes.
(b) GRANT SELECTION.—The Secretary of Education
shall select the number of grant awards made under this
section and the amount of each such award based upon
economic need in accordance with regulations published by
the Secretary.
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