A bill to amend the Internal Revenue Code of 1954 to provide a procedure by which persons may make contributions with their income tax returns for purposes of reducing the national debt.

Summary

Amends the Internal Revenue Code to allow every person making a tax return to elect (1) to apply all or a portion of any overpayment of tax on such return to reduce the national debt or (2) to make a payment with a return which is a contribution to the United States to be used to reduce the national debt. Stipulates that in the event of a subsequent adjustment in tax liability resulting in a deficiency assessment in any taxable year in which such taxpayer has made a national debt contribution, an amount equal to the lesser of the deficiency or the contribution shall be treated as a payment against such tax liability.

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Documents

1 official file

• Introduced in House

  summary · EN · 19 February 1976

  Open at official source

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