Taxpayers' Choice Debt Reduction Act

Taxpayers' Choice Debt Reduction Act - Amends the Internal Revenue Code to permit an individual to designate three dollars on his or her income tax return (six dollars on a joint return) to be used to reduce the public debt of the United States.

[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5349 Introduced in House (IH)]







106th CONGRESS
  2d Session
                                H. R. 5349

  To amend the Internal Revenue Code of 1986 to allow individuals to 
 designate $3 or more on their income tax returns to be used to reduce 
                            the public debt.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 29, 2000

  Mr. Sanford (for himself, Mr. Bachus, Mr. Baldacci, Mr. Bartlett of 
Maryland, Mr. Barton of Texas, Mrs. Biggert, Mr. Bilbray, Mr. Boucher, 
   Mr. Bryant, Mr. Burton of Indiana, Mr. Campbell, Mrs. Capps, Mr. 
Clement, Mr. Coburn, Mr. Condit, Mr. Crane, Mr. Cunningham, Mr. Deal of 
 Georgia, Mr. Delahunt, Mr. DeMint, Mr. Dickey, Mr. Doyle, Mr. Duncan, 
Ms. Eshoo, Mr. Everett, Mr. Ewing, Mr. Gordon, Mr. Graham, Mr. Green of 
  Texas, Mr. Green of Wisconsin, Mr. Hall of Texas, Mr. Hayworth, Mr. 
 Herger, Mr. Hill of Indiana, Mr. Hoekstra, Ms. Hooley of Oregon, Mr. 
Hostettler, Mr. Hutchinson, Mr. John, Mr. Jones of North Carolina, Mr. 
   Kingston, Mr. Largent, Mr. LaTourette, Mr. Lewis of Kentucky, Mr. 
   Linder, Mr. Manzullo, Ms. McCarthy of Missouri, Mr. McIntosh, Mr. 
  McCrery, Mr. Metcalf, Mr. Mica, Mr. Gary Miller of California, Mr. 
  Minge, Mr. Moran of Virginia, Mrs. Myrick, Mr. Ortiz, Mr. Paul, Mr. 
 Pickering, Mr. Pitts, Mr. Portman, Mr. Riley, Mr. Royce, Mr. Ryun of 
   Kansas, Mr. Salmon, Mr. Sandlin, Mr. Schaffer, Mr. Sessions, Mr. 
  Shadegg, Mr. Smith of Texas, Mr. Smith of Michigan, Mr. Souder, Mr. 
  Stenholm, Mr. Tancredo, Mr. Terry, Mr. Thompson of California, Mr. 
 Toomey, Mr. Udall of Colorado, Mr. Vitter, Mr. Wamp, Mr. Watkins, Mr. 
Weldon of Florida, and Mr. Wicker) 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 allow individuals to 
 designate $3 or more on their income tax returns to be used to reduce 
                            the public debt.

    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 ``Taxpayers' Choice Debt Reduction 
Act''.

SEC. 2. DESIGNATION OF INCOME TAX PAYMENTS TO REDUCE PUBLIC DEBT.

    (a) In General.--Subchapter A of chapter 61 of the Internal Revenue 
Code of 1986 (relating to returns and records) is amended by adding at 
the end the following new part:

  ``PART IX--DESIGNATION OF INCOME TAX PAYMENTS TO REDUCE PUBLIC DEBT

                              ``Sec. 6097. Designation by individuals.

``SEC. 6097. DESIGNATION BY INDIVIDUALS.

    ``(a) In General.--Every individual (other than a nonresident 
alien) whose income tax liability for the taxable year is $3 or more 
may designate that $3 shall be used to reduce the public debt of the 
United States. In the case of a joint return of husband and wife having 
an income tax liability of $6 or more, each spouse may designate that 
$3 shall be so used.
    ``(b) Income Tax Liability.--For purposes of subsection (a), the 
income tax liability of an individual for any taxable year is the 
amount of the tax imposed by chapter 1 on such individual for such 
taxable year (as shown on his return), reduced by the sum of the 
credits (as shown in his return) allowable under part IV of subchapter 
A of chapter 1 (other than subpart C thereof).
    ``(c) 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, if such designation is made at 
the time of filing the return of the tax imposed by chapter 1 for such 
taxable year, such designation shall be made either on the first page 
of the return or on the page bearing the taxpayer's signature.''
    (b) Transfer of Designated Amounts for Public Debt Reduction.--The 
Secretary of the Treasury shall, from time to time, transfer to the 
special account described in section 3113(d) of title 31, United States 
Code, the amounts designated under section 6097 of the Internal Revenue 
Code of 1986 to be used to reduce the public debt of the United States.
    (c) Clerical Amendment.--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 income tax 
                                        payments to reduce public 
                                        debt.''
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2000.
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