Skip to main content
HR 429 103th Congress House Taxation Budget deficits Checkoff Federal budgets Government paperwork Government securities Government spending reductions Government trust funds Income tax Public debt Tax returns

Taxpayer Debt Buy-Down Act

Introduced: January 5, 1993 See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 6 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 16, 1993
Committee Hearings Held.
May 13, 1993
Sponsor introductory remarks on measure. (CR H2485)
Feb 19, 1993
Referred to the Subcommittee on Legislation and National Security.
Jan 5, 1993
Referred to the House Committee on Ways and Means.
Jan 5, 1993
Referred to the House Committee on Government Operations.
Jan 5, 1993
Introduced in House
 Plain-English summary Congressional Research Service

Taxpayer Debt Buy-Down Act - Amends the Internal Revenue Code to allow every individual 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. 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.

What's happening now November 16, 1993

Committee Hearings Held.

 Committees of jurisdiction 3
 Cosponsors 3
All 3 Republican 3