Title: United States Library Trust Fund Act
Policy area: Taxation

Summary:
United States Library Trust Fund Act
This bill amends the Internal Revenue Code to: (1) establish in the Treasury the United States Library Trust Fund, and (2) allow taxpayers to designate a portion of any tax overpayment (not less than $1) to the fund. The bill also authorizes public libraries or public school libraries to receive grants from the fund.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2343 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 2343

   To amend the Internal Revenue Code of 1986 to allow taxpayers to 
designate income tax overpayments as contributions to the United States 
                          Library Trust Fund.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 3, 2017

 Mr. Serrano introduced the following bill; which was referred to the 
   Committee on Ways and Means, and in addition to the Committee on 
Education and the Workforce, for a period to be subsequently determined 
 by the Speaker, in each case for consideration of such provisions as 
        fall within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to allow taxpayers to 
designate income tax overpayments as contributions to the United States 
                          Library Trust Fund.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``United States Library Trust Fund 
Act''.

SEC. 2. UNITED STATES LIBRARY TRUST FUND.

    (a) Designation of Overpayments as Contributions to United States 
Library Trust Fund.--Subchapter A of chapter 61 of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new part:

   ``PART IX--DESIGNATION OF OVERPAYMENTS AS CONTRIBUTIONS TO UNITED 
                       STATES LIBRARY TRUST FUND

``Sec. 6097. Designation.

``SEC. 6097. DESIGNATION.

    ``(a) In General.--Every taxpayer who makes a return of the tax 
imposed by subtitle A for any taxable year may designate that a 
specified portion (not less than $1) of the amount of any overpayment 
of tax for such taxable year shall be paid over to the United States 
Library Trust Fund in accordance with the provisions of section 9512.
    ``(b) Manner and Time of Designation.--A designation under 
subsection (a) may be made with respect 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 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).''.
    (b) Creation of Trust Fund.--Subchapter A of chapter 98 of such 
Code is amended by adding at the end the following new section:

``SEC. 9512. UNITED STATES LIBRARY TRUST FUND.

    ``(a) Creation of Trust Fund.--There is established in the Treasury 
of the United States a trust fund to be known as the `United States 
Library Trust Fund', consisting of such amounts as may be credited or 
paid to such trust fund as provided in section 6097.
    ``(b) Transfers to Trust Fund.--There are hereby appropriated to 
the United States Library Trust Fund amounts equivalent to the amounts 
of the overpayments of tax to which designations under section 6097 
apply.
    ``(c) Expenditures From Trust Fund.--Amounts in the United States 
Library Trust Fund shall be available, as provided in appropriation 
Acts, only for purposes of making expenditures to carry out section 3 
of the United States Library Trust Fund Act.''.
    (c) Clerical Amendments.--
            (1) The table of parts for subchapter A of chapter 61 of 
        such Code is amended by adding at the end the following new 
        item:

   ``Part IX. Designation of Overpayments as Contributions to United 
                      States Library 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 Library 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 LIBRARIES.

    (a) Eligibility of Public Libraries and Public School Libraries.--A 
public library or public school library is eligible to receive a grant 
under this section from the United States Library Trust Fund 
established pursuant to section 9512 of the Internal Revenue Code of 
1986 for any fiscal year by submitting an application to the Office of 
Library Services that includes--
            (1) certification that the library does not have the 
        financial resources available to purchase new books or 
        collections;
            (2) assurances that funds received under this section will 
        be used only to purchase materials for the library;
            (3) assurances that funds received under this section will 
        be used to supplement, not supplant, other funds received by 
        such library; and
            (4) an agreement to make available any financial records 
        that the Office of Library Services may need for audit 
        purposes.
    (b) Grant Selection.--The Office of Library Services 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 Office.
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