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HR 2936 100th Congress House Taxation Checkoff Economics and Public Finance Government trust funds Income tax Public debt Tax administration Tax refunds Tax returns

Taxpayers' Deficit Reduction Act

Introduced: July 14, 1987 Introduced by: Smith, Christopher H. Republican · New Jersey See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 14, 1987
Referred to House Committee on Ways and Means.
Jul 14, 1987
Introduced in House
 Plain-English summary Congressional Research Service

Taxpayers' Deficit Reduction Act - Amends the Internal Revenue Code to allow taxpayers who have overpaid their income tax liability to designate on their tax returns that a specified portion of such overpayment, rather than being credited or refunded, be used to reduce the public debt of the United States.

Directs the Secretary of the Treasury to transfer these designated amounts to the special account for reduction of the public debt.

What's happening now July 14, 1987

Referred to House Committee on Ways and Means.

 Committees of jurisdiction 1