A bill to provide for the designation of income tax payments to the United States Olympic Development Fund.
United States Olympic Development Fund Checkoff Act of 1981 - Permits taxpayers to designate on their income tax returns an election to contribute one dollar of their income tax refunds or one dollar forwarded with returns to support the fund established by this Act.
Establishes in the Treasury of the United States a United States Olympic Development Fund. Appropriates to the Fund an amount equivalent to the amount designated on tax returns to be available to the Fund. Directs the Secretary of the Treasury to pay amounts so transferred to the U.S. Olympic Committee for use in a program of expansion and improvement of amateur athletics. Sets forth reporting requirements with respect to the expenditure of such funds by the Committee.
Introduced in Senate
Read second time and referred to Senate Committee on Finance.
Committee on Finance requested executive comment from OMB; Treasury Department.
Subcommittee on Taxation and Debt Management took the following actions.
Subcommittee on Taxation and Debt Management. Hearings held.
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