H.R.13 - Taxpayer Debt Buy-Down Act104th Congress (1995-1996)
|Sponsor:||Rep. Walker, Robert S. [R-PA-16] (Introduced 01/04/1995)|
|Committees:||House - Budget; Ways and Means|
|Latest Action:||03/13/1995 See H.R.1215. (All Actions)|
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Summary: H.R.13 — 104th Congress (1995-1996)All Information (Except Text)
Introduced in House (01/04/1995)
Taxpayer Debt Buy-Down Act - Amends the Internal Revenue Code to allow individuals with adjusted income tax liability to designate on their tax returns that a portion of such liability (not to exceed ten percent) be used to reduce the public debt.
Establishes a Public Debt Reduction Trust Fund for the deposit of designated amounts. Makes amounts in such Trust Fund available only to pay at maturity, or to redeem or buy before maturity, any obligation of the Federal Government included in the public debt (other than an obligation of the Federal Old-Age and Survivors Insurance Trust Fund, the Civil Service Retirement and Disability Fund, or the Department of Defense Military Retirement Fund). Prohibits the reissuance of any obligation which is paid, redeemed, or bought with amounts from the Trust Fund.
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide for the sequestration of amounts designated to the Trust Fund. Specifies accounts exempt from such sequestration. Includes aggregated amounts designated to the Trust Fund and amounts sequestered to reduce the public debt in sequestration preview and final reports.