Amends Federal law to establish in the Treasury the Department of Veterans Affairs Medical and Prosthetic Research Gift Fund.
[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1673 Introduced in House (IH)]
107th CONGRESS
1st Session
H. R. 1673
To amend the Internal Revenue Code of 1986 to allow taxpayers to
designate that part or all of any income tax refund be paid over for
use in medical research conducted through the Department of Veterans
Affairs.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 2, 2001
Mr. Bilirakis (for himself, Mr. Smith of New Jersey, and Mr. Moran of
Kansas) introduced the following bill; which was referred to the
Committee on Ways and Means, and in addition to the Committee on
Vetrans's Affairs, 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 that part or all of any income tax refund be paid over for
use in medical research conducted through the Department of Veterans
Affairs.
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 ``Veterans Medical Research Assistance
Voluntary Option Act''.
SEC. 2. DESIGNATION OF INCOME TAX OVERPAYMENTS TO FUND MEDICAL
RESEARCH.
(a) General Rule.--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 OVERPAYMENTS TO FUND MEDICAL
RESEARCH
``Sec. 6097. Designation of income tax
overpayments.
``SEC. 6097. DESIGNATION OF INCOME TAX OVERPAYMENTS.
``(a) General Rule.--Every taxpayer who makes a return of the tax
imposed by chapter 1 for any taxable year may designate that a
specified portion (not less than $1) of any overpayment of tax for such
taxable year shall be used for medical research conducted through the
Department of Veterans Affairs.
``(b) Manner and Time of Designation.--Any designation under
subsection (a) for any taxable year shall be made--
``(1) at the time of filing the return of the tax imposed
by chapter 1 for such taxable year, and
``(2) in such manner as the Secretary may by regulation
prescribe, 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) Treatment of Amounts Designated.--For purposes of this title,
the amount designated by any taxpayer under subsection (a)--
``(1) shall be treated as being refunded to such 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, and
``(2) shall be treated as a contribution made by such
taxpayer on such date to the United States.''
(b) Clerical Amendment.--The table of parts for subchapter A of
chapter 61 of such Code is amended by adding at the end thereof the
following new item:
``Part IX. Designation of income tax
overpayments to fund medical
research.''
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2001.
SEC. 3. DEPARTMENT OF VETERANS AFFAIRS MEDICAL AND PROSTHETIC RESEARCH
GIFT FUND.
Section 7303 of title 38, United States Code, is amended by adding
at the end the following new subsection:
``(e)(1) There is established in the Treasury of the United States
an account to be known as the `Department of Veterans Affairs Medical
and Prosthetic Research Gift Fund' (in this subsection referred to as
the `Fund'), consisting of such amounts as may be transferred or
credited to the account under this subsection.
``(2) The Secretary of the Treasury shall, from time to time,
transfer to the Fund the amounts designated under section 6097 of the
Internal Revenue Code of 1986. Amounts that otherwise would be
appropriated for the Department of Veterans Affairs may not be offset
by the amount of such transfers to the Fund.
``(3) Amounts in the Fund shall be available, as provided in
appropriations Acts, for purposes of medical research conducted through
the Veterans Health Administration.
``(4)(A) The Secretary of the Treasury shall invest such portion of
the account established by paragraph (1) as is not, in the judgment of
the Secretary, required to meet current withdrawals. Such investments
may be made only in interest-bearing obligations of the United States.
For such purpose, such obligations may be acquired--
``(i) on original issue at the issue price; or
``(ii) by purchase of outstanding obligations at the market
price.
``(B) Any obligation acquired by the account may be sold at the
market price.
``(C) The interest on, and the proceeds from the sale or redemption
of, any obligations held in the account shall be credited to and form
part of the account.''.
<all>
Introduced in House
Introduced in House
Referred to the Committee on Ways and Means, and in addition to the Committee on Veterans' Affairs, 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.
Referred to the Committee on Ways and Means, and in addition to the Committee on Veterans' Affairs, 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.
Referred to the Committee on Ways and Means, and in addition to the Committee on Veterans' Affairs, 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.
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