H.R. 1095

To amend the Internal Revenue Code of 1986 to establish and provide a checkoff for a World Trade Center Memorial Fund, and for other purposes.

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I

109th CONGRESS

1st Session

H. R. 1095

IN THE HOUSE OF REPRESENTATIVES

March 3, 2005

Mr. Fossella (for himself, Mr. King of New York, Mr. Fortuño, Mrs. McCarthy, Ms. Harman, Mr. Weiner, Mr. Saxton, Mr. Davis of Illinois, Mr. Menendez, Mr. Bishop of New York, Mr. Engel, Mr. Shays, and Mr. Ackerman) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Resources, 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 establish and provide a checkoff for a World Trade Center Memorial Fund, and for other purposes.

1.

Designation of income tax payments to World Trade Center Memorial Fund

(a)

In general

Subchapter A of chapter 61 of the Internal Revenue Code of 1986 (relating to information and returns) is amended by adding at the end the following new part:

IX

Designation of income tax payments to World Trade Center Memorial Fund

Sec. 6098. Designation to World Trade Center Memorial Fund

6098.

Designation to World Trade Center Memorial Fund

(a)

In general

Every individual (other than a nonresident alien) whose adjusted income tax liability for the taxable year is $1 or more may designate that $1 shall be paid over to the World Trade Center Memorial Fund in accordance with the provisions of section 9511. In the case of a joint return of husband and wife having an adjusted income tax liability of $2 or more, each spouse may designate that $1 shall be paid to the fund.

(b)

Adjusted income tax liability

For purposes of subsection (a), the term adjusted income tax liability means, for any individual for any taxable year, the excess (if any) of—

(1)

the income tax liability (as defined in section 6096(b)) of the individual for the taxable year, over

(2)

any amount designated by the individual (and, in the case of a joint return, any amount designated by the individual’s spouse) under section 6096(a) for such taxable year.

(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.
(d)

Termination

This section shall not apply with respect to any taxable year ending after the date on which the Secretary of the Treasury determines that amounts in the World Trade Center Memorial Fund equal or exceed the amounts which are reasonably expected to be distributed from such Fund to the World Trade Center Memorial Foundation under section 9511.

.

(b)

World Trade Center Memorial Fund

Subchapter A of chapter 98 of such Code (relating to establishment of trust funds) is amended by adding at the end the following new section:

9511.

World Trade Center Memorial Fund

(a)

Creation of trust fund

There is established in the Treasury of the United States a trust fund to be known as the World Trade Center Memorial Fund, consisting of such amounts as may be appropriated or credited to such fund as provided in this section or section 9602(b).

(b)

Transfers to trust fund

There are hereby appropriated to the World Trade Center Memorial Fund amounts equivalent to the amounts designated under section 6098.

(c)

Expenditures

Amounts in the World Trade Center Memorial Fund shall be available to the Secretary of the Treasury, as provided in appropriation Acts, for the purpose of making grants to the World Trade Center Memorial Foundation (a nonprofit organization incorporated under the laws of the State of New York) for the construction of a memorial at the former site of the World Trade Center in New York.

(d)

Excess amounts transferred to general fund

Upon the determination of the Secretary of the Treasury that the memorial described in subsection (c) has been completed, the Secretary of the Treasury shall transfer any amounts remaining in the World Trade Center Memorial Fund to the general fund of the Treasury.

.

(c)

Clerical amendments

(1)

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 World Trade Center Memorial Fund

.

(2)

The table of sections for subchapter A of chapter 98 of such Code is amended by adding at the end the following new item:

Sec. 9511. World Trade Center Memorial Fund

.

(d)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.