REFUND Act

Bill: 114-s-744
Sponsor: full_name: Sen. Rubio, Marco [R-FL]
Introduced: 2015-03-16
Policy area: Economics and Public Finance
Subjects: Appropriations

Budget deficits and national debt

Intergovernmental relations

State and local finance
Latest action: action_date: 2015-03-16
text: Read twice and referred to the Committee on Appropriations.

Summaries:
action_date: 2015-03-16
action_desc: Introduced in Senate
text: <p><b>Returned Exclusively For Unpaid National Debt Act or the REFUND Act </b></p> <p>This bill rescinds federal funds identified by a state as unwanted and requires the funds to be used for debt reduction. The bill applies to federal funds required to be allocated by formula among all states that agree to use the funds for a specified purpose. To identify the funds as unwanted, a state legislature must pass a concurrent resolution, and the state must then notify the head of the federal agency responsible for allocating the funds. The Department of the Treasury must deposit the rescinded funds in the Gifts to the United States for Reduction of the Public Debt account, use the funds to reduce the debt, and submit an annual report to Congress identifying funds received. </p>

tv_txt: II 114th CONGRESS 1st Session S. 744 IN THE SENATE OF THE UNITED STATES March 16, 2015 Mr. Rubio (for himself, Mr. Barrasso , Mr. Coats , Mr. Inhofe , Mr. Johnson , Mr. Portman , and Mr. Risch ) introduced the following bill; which was read twice and referred to the Committee on Appropriations A BILL To rescind certain Federal funds identified by States as unwanted and use the funds to reduce the Federal debt.

1. Short title This Act may be cited as the Returned Exclusively For Unpaid National Debt Act or the REFUND Act . 2. Use of unwanted Federal funds to reduce Federal debt (a) Rescission of unwanted Federal funds There is rescinded, from any Federal funds required to be allocated by formula among all States that agree to use such funds for a specified purpose, an amount equal to the amount of such funds that would have otherwise been allocated to a State that identifies such funds under subsection (b) as unwanted. (b) Identification of funds Subsection (a) shall only apply if, not later than the last date on which an application or State plan is required to be submitted in order for a State to be allocated, in an annual or biennial budget cycle, funds described in such subsection— (1) the State legislature with jurisdiction over such budget cycle adopts a concurrent resolution identifying the funds as unwanted; and (2) the State submits notice of the resolution described in paragraph (1) to the agency head responsible for allocation of the funds, in such form and manner and containing such information as the agency head determines appropriate to make the determination in subsection (c). (c) Determination of amount To be rescinded An agency head that receives notice described in subsection (b)(2) shall determine and report to the Office of Management and Budget the amount to be rescinded under subsection (a). (d) Use for reduction of Federal debt Amounts rescinded under subsection (a) shall be deposited by the Secretary of the Treasury in the account entitled Gifts to the United States for Reduction of the Public Debt and used to reduce the Federal debt as provided in section 3113(d) of title 31, United States Code. (e) Annual report The Secretary of the Treasury shall submit to the Congress each year a report identifying the amount deposited in the Treasury under subsection (d) with respect to each State in such year. (f) Definitions In this section: (1) The term agency head means the head of an agency of the Federal Government. (2) The term State means— (A) each of the several States; (B) the District of Columbia; or (C) any commonwealth, territory, or possession of the United States.