Voluntary Debt Reduction Act of 2013

Bill: 113-hr-1336
Sponsor: full_name: Rep. Davis, Rodney [R-IL-13]
Introduced: 2013-03-21
Policy area: Taxation
Subjects: Budget deficits and national debt

Tax administration and collection, taxpayers
Latest action: action_date: 2013-03-21
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2013-03-21
action_desc: Introduced in House
text: <p>Voluntary Debt Reduction Act of 2013 - Amends the Internal Revenue Code to allow taxpayers to donate an amount (not less than $1) or designate a portion of any overpayment of tax (not less than $1) to be donated, 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: I 113th CONGRESS 1st Session H. R. 1336 IN THE HOUSE OF REPRESENTATIVES March 21, 2013 Mr. Rodney Davis of Illinois (for himself, Ms. Fudge , and Mr. Stivers ) 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 for taxpayers making gifts 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 Voluntary Debt Reduction Act of 2013 . 2. Gifts 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 Gifts to pay down national debt Sec. 6097. Gifts to pay down national debt. 6097. Gifts 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— (1) donate an amount (not less than $1), in addition to any payment of tax for such taxable year, or (2) designate a portion of any overpayment of tax (not less than $1) to be donated, 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 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 (2) in the case of a donation of cash, 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) 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. (e) 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. Gifts 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.