A bill to amend the Internal Revenue Code of 1954 to provide a mechanism for taxpayers to designate $1 of any overpayment of income tax, and to contribute other amounts, for use by the United States Olympic Committee.
United States Olympic Checkoff Act of 1983 - Amends the Internal Revenue Code to allow taxpayers to designate on their income tax returns a contribution of one dollar of their income tax refunds or any cash amount voluntarily forwarded with their returns to support the U.S. Olympic Trust Fund.
Establishes in the Treasury a U.S. Olympic Trust Fund (trust fund). Appropriates to such trust fund an amount equal to the amount designated on tax returns. Directs the Secretary of the Treasury to pay amounts so transferred to the U.S. Olympic Committee. Allows specified administrative expenses to be paid from such trust fund.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance requested executive comment from OMB, Treasury Department.
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