H.R. 5497 – Check the Debt Act of 2010

111th CONGRESS

2d Session

H. R. 5497

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.

Short title

This Act may be cited as the Check the Debt Act of 2010.

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:

Designation of income tax payments to reduce public debt

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.

Check the Debt Act of 2010

Legislative Activity

Bill Text