Buffett Rule Act of 2011 - Amends the Internal Revenue Code to allow taxpayers to donate an amount (not less than $1), in addition to any tax owed, which shall be deposited in the general fund of the Treasury and transferred to an account used to reduce the public debt. Requires such donation to be designated on a taxpayer's income tax return at the time such return is filed.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 1676 Introduced in Senate (IS)]
112th CONGRESS
1st Session
S. 1676
To amend the Internal Revenue Code of 1986 to provide for taxpayers
making donations with their returns of income tax to the Federal
Government to pay down the public debt.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
October 6, 2011
Mr. Thune introduced the following bill; which was read twice and
referred to the Committee on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to provide for taxpayers
making donations with their returns of income tax to the Federal
Government to pay down 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 ``Buffett Rule Act of 2011''.
SEC. 2. DONATION TO PAY DOWN NATIONAL DEBT.
(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:
``PART IX--DONATIONS TO PAY DOWN NATIONAL DEBT
``Sec. 6097. Donation to pay down national debt.
``SEC. 6097. DONATION TO PAY DOWN NATIONAL DEBT.
``(a) General Rule.--Every taxpayer who makes a return of the tax
imposed by subtitle A for any taxable year may donate an amount (not
less than $1), in addition to any payment of tax for such taxable year,
which shall be deposited in the general fund of the Treasury.
``(b) Manner and Time of Designation.--Any donation under
subsection (a) for any taxable year--
``(1) shall be made at the time of filing the return of the
tax imposed by subtitle A for such taxable year and in such
manner as the Secretary may by regulation prescribe, except
that--
``(A) the designation for such donation shall be
either on the first page of the return or on the page
bearing the taxpayer's signature, and
``(B) the designation shall be by a box added to
the return, and the text beside the box shall provide:
``By checking here, I signify that in addition to my tax liability, I would like to donate the included payment
to be used exclusively for the purpose of paying down the national debt.'',
and
``(2) shall be accompanied by a payment of the amount so
designated.
``(c) Treatment of Amounts Donated.--For purposes of this title,
the amount donated by any taxpayer under subsection (a) shall be
treated as a contribution made by such taxpayer to the United States on
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.
``(d) Transfers to Account To Reduce Public Debt.--The Secretary
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 donated under this section.''.
(b) Clerical Amendment.--The table of parts for subchapter A of
such chapter is amended by adding at the end the following new item:
``Part IX. Donations To Pay Down National Debt''.
(c) Effective Date.--The amendments made by this section shall
apply to returns for taxable years ending after December 31, 2010.
<all>
Introduced in Senate
Read twice and referred to the Committee on Finance.
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