Buffett Rule Act of 2013

Bill: 113-s-720
Sponsor: full_name: Sen. Thune, John [R-SD]
Introduced: 2013-04-15
Policy area: Taxation
Subjects: Budget deficits and national debt

Tax administration and collection, taxpayers
Latest action: action_date: 2013-04-15
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2013-04-15
action_desc: Introduced in Senate
text: <p>Buffett Rule Act of 2013 - Amends the Internal Revenue Code to allow taxpayers to donate an amount (not less than $1), in addition to any tax owed, which shall be deposited in the general fund of the Treasury and transferred to an account used to reduce the public debt.&nbsp; Requires such donation to be designated on&nbsp;a taxpayer's income tax return at the time such return is filed.</p>

tv_txt: II 113th CONGRESS 1st Session S. 720 IN THE SENATE OF THE UNITED STATES April 15, 2013 Mr. Thune (for himself, Mr. McConnell , Mr. Grassley , Mr. Portman , Mr. Crapo , Mr. Boozman , Mr. Enzi , and Mr. Barrasso ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to provide for taxpayers making donations with their returns of income tax to the Federal Government to pay down the public debt.

1. Short title This Act may be cited as the Buffett Rule Act of 2013 . 2. Donation to pay down national debt (a) In general Subchapter A of chapter 61 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part: IX Donations to pay down national debt Sec. 6097. Donation to pay down national debt. 6097. Donation to pay down national debt (a) General rule Every taxpayer who makes a return of the tax imposed by subtitle A for any taxable year may donate an amount (not less than $1), in addition to any payment of tax for such taxable year, which shall be deposited in the general fund of the Treasury. (b) Manner and time of designation Any donation under subsection (a) for any taxable year— (1) shall be made at the time of filing the return of the tax imposed by subtitle A for such taxable year and in such manner as the Secretary may by regulation prescribe, except that— (A) the designation for such donation shall be either on the first page of the return or on the page bearing the taxpayer’s signature, and (B) the designation shall be by a box added to the return, and the text beside the box shall provide: By checking here, I signify that in addition to my tax liability, if any, I would like to donate the included payment to be used exclusively for the purpose of paying down the national debt. , and (2) shall be accompanied by a payment of the amount so designated. (c) Treatment of amounts donated For purposes of this title, the amount donated by any taxpayer under subsection (a) shall be treated as a contribution made by such taxpayer to the United States on the last date prescribed for filing the return of tax imposed by subtitle A (determined without regard to extensions) or, if later, the date the return is filed. (d) Transfers to account To reduce public debt The Secretary shall, from time to time, transfer to the special account established by section 3113(d) of title 31, United States Code, amounts equal to the amounts donated under this section. . (b) Clerical amendment The table of parts for subchapter A of such chapter is amended by adding at the end the following new item: Part IX. Donations To pay down national debt. . (c) Effective date The amendments made by this section shall apply to returns for taxable years ending after December 31, 2012.