Sec. 501. Voluntary contributions to the Freedom From Influence Fund

371 words·~2 min read·/bill/113/hr/20/ih/section-501

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Subchapter A of chapter 61 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part: Sec. 6098. Contributions to Freedom From Influence Fund. Every individual, with respect to the taxpayer’s return for the taxable year of the tax imposed by chapter 1, may designate that a specified portion (not less than $1) of any overpayment of tax shall be contributed to the Freedom From Influence Fund established under section 541 of the Federal Election Campaign Act of 1971. A designation under subsection

(a)may be made with respect to any taxable year— at the time of filing the return of the tax imposed by chapter 1 for such taxable year, or at any other time (after such time of filing) specified in regulations prescribed by the Secretary. Such designation shall be made in such manner as the Secretary prescribes by regulations except that, if such designation is made at the time of filing the return of the tax imposed by chapter 1 for such taxable year, such designation shall be made either on the first page of the return or on the page bearing the taxpayer’s signature. For purposes of this title, any portion of an overpayment of tax designated under subsection

(a)shall be treated as— being refunded to the taxpayer as of the last date prescribed for filing the return of tax imposed by chapter 1 (determined without regard to extensions) or, if later, the date the return is filed, and a contribution made by such taxpayer on such date to the United States. The Secretary shall establish and maintain a Web site through which persons may make contributions to the Freedom From Influence Fund. Any such contribution shall not be treated as an overpayment of tax but shall be treated as a contribution made by such person to the United States. . The table of parts for subchapter A of chapter 61 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item: Part IX. Contributions to Freedom From Influence Fund. . The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.