Check the Debt Act of 2010

Check the Debt Act of 2010 - Amends the Internal Revenue Code to allow individual taxpayers (other than nonresident aliens) to designate $3 or more of their tax liability ($6 for married couples filing a joint tax return) to reduce the public debt.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5497 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5497

 To amend the Internal Revenue Code of 1986 to allow an individual to 
designate $3 on their income tax return to be used to reduce the public 
                                 debt.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              June 9, 2010

Mr. Wilson of Ohio 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 an individual to 
designate $3 on their income tax return 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 ``Check the Debt Act of 2010''.

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.

    ``(a) In General.--Every individual (other than a nonresident 
alien) whose adjusted 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 adjusted income tax liability of $6 or more, each spouse may 
designate that $3 shall be used to reduce the public debt.
    ``(b) Adjusted Income Tax Liability.--For purposes of this section, 
the term `adjusted income tax liability' means income tax liability (as 
defined in section 6096(b)) reduced by any amount designated under 
section 6096 (relating to designation of income tax payments to 
Presidential Election Campaign Fund).
    ``(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 signature of the taxpayer.''.
    (b) Transfer of Designated Amounts for Public Debt Reduction.--The 
Secretary of the Treasury shall, from time to time, transfer to the 
account described in section 3113(d) of title 31, United States Code, 
an amount not in excess of the sum of the amounts designated under 
section 6097 of the Internal Revenue Code of 1986, as added by 
subsection (a), 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 the Internal Revenue Code of 1986 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, 2010.
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