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HR 13 104th Congress House Taxation Budget deficits Checkoff Deficit reduction Economics and Public Finance Federal budgets Government Operations and Politics Government paperwork Government securities Government spending reductions Government trust funds Income tax Interest Old age, survivors and disability insurance Public debt Social Welfare Tax returns

Taxpayer Debt Buy-Down Act

Introduced: January 4, 1995 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 13, 1995
See H.R.1215.
Jan 4, 1995
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Jan 4, 1995
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now March 13, 1995

See H.R.1215.

 Committees of jurisdiction 2
 Cosponsors 3
All 3 Republican 3