2214 112th CONGRESS
H. R. 2214
To amend the Internal Revenue Code of 1986 to
provide for a designation of tax overpayments to reduce the public debt, and for
other purposes.IN THE HOUSE OF REPRESENTATIVES
Mr. STIVERS introduced the following bill; which was
referred to the Committee on Ways and Means
amend the Internal Revenue Code of 1986 to provide for a designation of tax overpayments
to reduce the public debt, 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 `Debt Elimination By Tax-Deductible Contribution
Act of 2011'.
SEC. 2. DESIGNATION OF DONATIONS FOR REDUCTION OF
(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 IX--DESIGNATION FOR DONATION TO REDUCE PUBLIC DEBT
6097. Designation for donation to reduce public debt.
6097. DESIGNATION FOR DONATION TO REDUCE PUBLIC DEBT.
General- Every taxpayer who makes a return of the tax imposed by subtitle A for
any taxable year may designate that a specified portion (not less than $1) of
the amount of any overpayment of tax for such taxable year shall be deposited
in the general fund of the Treasury to be used to reduce the public debt.
`(b) 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
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.
`(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 subtitle A (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 to the United States on such date or, at the election of
the taxpayer, on the last day of the taxable year with respect to which such return
(b) Transfers to Account To Reduce Public Debt-
The Secretary of the Treasury shall, from time to time, transfer to the special
account established by section 3113(d) of title 31, United States Code, amounts
equal to the amounts designated under section 6097(a) of the Internal Revenue
Code of 1986.
(c) Clerical Amendment- The table of parts for such
subchapter A of such Code is amended by adding at the end the following new item:
IX. Designation of Donation To Reduce Public Debt.'.
Date- The amendments made by this section shall apply to taxable years ending
after December 31, 2010.
SEC. 3. DEDUCTIBILITY OF GIFTS TO THE
UNITED STATES TO REDUCE THE PUBLIC DEBT.
Subsection (d) of section
3113 of title 31, United States Code, is amended by adding at the end the following
new sentence: `For deductibility of gifts to the United States to reduce the public
debt, see the deduction for charitable contributions and gifts under section 170
of the Internal Revenue Code of 1986.'.