Authorizes the issuance of bonds to be known as Freedom Bonds, in response to the acts of terrorism perpetrated against the United States on September 11, 2001. Requires proceeds from the issuance of Freedom Bonds to be used to raise funds to assist in recovery operations following such terrorist acts and for efforts to combat terrorism.
Permits a taxpayer to designate that a specified portion (but not less than $1) of any tax overpayment and any cash contribution which the taxpayer includes with such return be deposited into the Counter-Terrorism Trust Fund.
Requires, in addition to other fees authorized to be charged for the consideration or processing of an application for an immigrant or nonimmigrant visa under the Immigration and Nationality Act, the Attorney General to impose an additional 15 percent surcharge. Requires amounts collected pursuant to such surcharge to be held in a separate account and transferred to the Counter-Terrorism Trust Fund.
[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2930 Introduced in House (IH)]
107th CONGRESS
1st Session
H. R. 2930
To provide for creation of a Counter-terrorism Trust Fund, to provide
for the issuance of Freedom Bonds, to allow taxpayers to contribute
income tax refunds and other amounts to support counter-terrorism
efforts, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 21, 2001
Mr. Cramer introduced the following bill; which was referred to the
Committee on Ways and Means, and in addition to the Committee on the
Judiciary, 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 provide for creation of a Counter-terrorism Trust Fund, to provide
for the issuance of Freedom Bonds, to allow taxpayers to contribute
income tax refunds and other amounts to support counter-terrorism
efforts, and for other purposes.
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 ``Terrorism Elimination Act of 2001''.
SEC. 2. COUNTER-TERRORISM TRUST FUND.
(a) In General.--Subchapter A of chapter 98 of the Internal Revenue
Code of 1986 (relating to trust fund code) is amended by adding at the
end the following new section:
``SEC. 9511. COUNTER-TERRORISM TRUST FUND.
``(a) Creation of Trust Fund.--There is established in the Treasury
of the United States a trust fund to be known as the `Counter-Terrorism
Trust Fund', consisting of such amounts as may be appropriated or
credited to the Counter-Terrorism Trust Fund as provided in this
section or section 9602(b).
``(b) Transfer to Counter-Terrorism Trust Fund of Amounts
Designated.--
``(1) In general.--There is hereby appropriated to the
Counter-Terrorism Trust Fund amounts equivalent to the amounts
designated under section 6097 and received in the Treasury.
``(2) Other contributions.--The Secretary shall prescribe
procedures under which persons may make contributions to the
Counter-Terrorism Trust Fund other than as provided in section
6097.
``(c) Expenditures From Trust Fund.--
``(1) In general.--Amounts in the Counter-Terrorism Trust
Fund shall be available, as provided in appropriation Acts, for
purposes of making expenditures for counter-terrorism efforts
by the United States.
``(2) Administrative expenses.--Amounts in the Counter-
Terrorism Trust Fund shall be available to pay the
administrative expenses of the Department of the Treasury
directly allocable to--
``(A) modifying the income tax return forms to
carry out section 6097,
``(B) carrying out this chapter with respect to
such Fund, and
``(C) processing amounts received under section
6097 and transferring such amounts to such Fund.''
(b) Clerical Amendment.--The table of sections for such subchapter
A is amended by adding at the end the following new item:
``Sec. 9511. Counter-Terrorism Trust
Fund.''
SEC. 3. AUTHORIZATION FOR THE ISSUANCE OF FREEDOM BONDS.
Section 3102 of title 31, United States Code, is amended by adding
at the end the following:
``(f) Issuance of Freedom Bonds.--
``(1) In general.--The Secretary may issue bonds under this
section, to be known as `Freedom Bonds', in response to the
acts of terrorism perpetrated against the United States on
September 11, 2001.
``(2) Use of proceeds.--Proceeds from the issuance of
Freedom Bonds shall be used to raise funds to assist in
recovery operations following the terrorist acts referred to in
paragraph (1) and for efforts to combat terrorism.
``(3) Form.--The bonds authorized by paragraph (1) shall be
in such form and denominations, and shall be subject to such
terms and conditions of issue, conversion, redemption,
maturation, payment, and rate of interest as the Secretary may
prescribe.''.
SEC. 4. DESIGNATION OF OVERPAYMENTS AND CONTRIBUTIONS FOR COUNTER-
TERRORISM EFFORTS.
(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:
``PART IX--DESIGNATION OF OVERPAYMENTS AND CONTRIBUTIONS FOR COUNTER-
TERRORISM EFFORTS
``Sec. 6097. Designation.
``SEC. 6097. DESIGNATION.
``(a) In General.--With respect to each taxpayer's return for the
taxable year of the tax imposed by chapter 1, such taxpayer may
designate that--
``(1) a specified portion (but not less than $1) of any
overpayment of tax for such taxable year, and
``(2) any cash contribution which the taxpayer includes
with such return,
shall be deposited into the Counter-Terrorism Trust Fund.
``(b) Manner and Time of Designation.--A designation under
subsection (a) may be made with respect to any taxable year only at the
time of filing the return of the tax imposed by chapter 1 for such
taxable year. Such designation shall be made in such manner as the
Secretary prescribes by regulations 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) 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.''
(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 overpayments
and contributions for counter-
terrorism efforts.''
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act.
SEC. 5. VISA APPLICATION SURCHARGE FOR COUNTER-TERRORISM.
(a) In General.--Notwithstanding any other provision of law, in
addition to such other fees as are authorized to be charged for the
consideration or processing of an application for an immigrant or
nonimmigrant visa under the Immigration and Nationality Act, the
Attorney General shall impose an additional 15 percent surcharge.
(b) Deposit of Surcharge Into the Counter-Terrorism Trust Fund.--
Amounts collected pursuant to the surcharge under subsection (a) shall
be held in a separate account and transferred to the Counter-Terrorism
Trust Fund established under section 9511 of the Internal Revenue Code
of 1986.
<all>
Introduced in House
Introduced in House
Referred to the Committee on Ways and Means, and in addition to the Committee on the Judiciary, 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 the Judiciary, 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 the Judiciary, 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 Subcommittee on Crime.
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