HR 3190 IHCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to allow individuals to designate that their income, estate, or gift tax payments be spent other than for purposes of supporting the war in Iraq and to provide that amounts so designated shall be used to provide funding for Head Start, to reduce the national debt, and to provide college funding for children of Iraq war veterans.CommentsClose CommentsPermalink

July 26, 2007

Ms. VELAZQUEZ introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, 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 concernedCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to allow individuals to designate that their income, estate, or gift tax payments be spent other than for purposes of supporting the war in Iraq and to provide that amounts so designated shall be used to provide funding for Head Start, to reduce the national debt, and to provide college funding for children of Iraq war veterans.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the `Opt Out of Iraq War Act of 2007'.CommentsClose CommentsPermalink

SEC. 2. TAX PAYMENTS TO FUTURE FUND.

(a) In General- Subchapter A of chapter 61 of the Internal Revenue Code of 1986 (relating to information and returns) is amended by adding at the end the following new part:CommentsClose CommentsPermalink

`PART IX--OPT OUT OF IRAQ WAR

`Sec. 6097. Opt out of Iraq war.CommentsClose CommentsPermalink

`SEC. 6097. OPT OUT OF IRAQ WAR.

`(a) Designation of Tax Payments to Future Fund- Every individual may designate that the following amounts be paid into the Future Fund established by section 9511.CommentsClose CommentsPermalink





`(1) INCOME TAX- Such individual's income tax payment for a taxable year.CommentsClose CommentsPermalink





`(2) GIFT TAX- Such individual's payment of the tax imposed by section 2501.CommentsClose CommentsPermalink





`(3) ESTATE TAX- The payment of the imposed by section 2001 on the estate of such individual.CommentsClose CommentsPermalink





`(b) Limitation-CommentsClose CommentsPermalink





`(1) IN GENERAL- The amount of any payment which may be designated under this section shall not exceed the Iraq war funding percentage of such payment.CommentsClose CommentsPermalink





`(2) IRAQ WAR FUNDING PERCENTAGE-CommentsClose CommentsPermalink





`(A) IN GENERAL- For purposes of this subsection, the Iraq war funding percentage, with respect to any payment made during a fiscal year, is the percentage (determined by the Comptroller of the United States) of the Federal budget which was spent during the preceding fiscal year on the war in Iraq.CommentsClose CommentsPermalink





`(B) CERTAIN SPENDING NOT TAKEN INTO ACCOUNT- For purposes of subparagraph (A), the amount determined to be spent on the war in Iraq during the preceding year shall be reduced by the amount which the Comptroller of the United States estimates will be spent during the fiscal year for which the percentage is being determined--CommentsClose CommentsPermalink





`(i) to provide Iraq with humanitarian and other non-military assistance, andCommentsClose CommentsPermalink





`(ii) to provide for the withdrawal of United States infrastructure and personnel from Iraq.CommentsClose CommentsPermalink





`(C) EXCLUSION OF CERTAIN TRUST FUNDS FROM BUDGET- For purposes of this paragraph, none of the trust funds established under the Social Security Act or this title shall be treated as included in the Federal budget.CommentsClose CommentsPermalink





`(c) Special Rules Relating to Income Tax Payments- For purposes of this section--CommentsClose CommentsPermalink





`(1) INCOME TAX PAYMENT- The term `income tax payment' means the amount of tax imposed by chapter 1 and paid by or withheld for any taxable year to the extent not in excess of the taxpayer's income tax liability.CommentsClose CommentsPermalink





`(2) INCOME TAX LIABILITY- The term `income tax liability' means the amount of the tax imposed by chapter 1 on a taxpayer for any taxable year (as shown on such taxpayer's tax return) reduced by the sum of--CommentsClose CommentsPermalink





`(A) the credits (as shown in such return) allowable under part IV of subchapter A of chapter 1 (other than subpart C thereof), andCommentsClose CommentsPermalink





`(B) the amount designated under section 6096.CommentsClose CommentsPermalink





`(3) JOINT RETURNS- A designation may be made on a joint return only if both spouses make the designation.CommentsClose CommentsPermalink





`(d) Designation of Estate Tax Payments- The designation under subsection (a)(3) may be made by the executor of the estate under written authority of the decedent.CommentsClose CommentsPermalink





`(e) Manner and Time of Designations- A designation under subsection (a) may be made--CommentsClose CommentsPermalink





`(1) at the time of filing the return of the tax to which the designation relates, orCommentsClose CommentsPermalink





`(2) at any other time (after the time of filing such return) specified in regulations prescribed by the Secretary.CommentsClose CommentsPermalink





Such designation shall be made in such manner as the Secretary prescribes by regulations except that, if such designation is made at the time described in paragraph (1), such designation shall be made on the page bearing the filer's signature.CommentsClose CommentsPermalink





`(f) Explanation of Future Fund Purposes- Each publication of general instructions accompanying an income, estate, or gift tax return shall include--CommentsClose CommentsPermalink





`(1) an explanation of the purpose of the Future Fund, andCommentsClose CommentsPermalink





`(2) an explanation of the process for making the designations under this section.CommentsClose CommentsPermalink





`(g) Termination- This section shall not apply to payments made during any period that fewer than 25,000 members of the Armed Forces of the United States are serving in Iraq.'.CommentsClose CommentsPermalink





(b) Clerical Amendment- The table of parts for such subchapter A is amended by adding at the end the following new item:CommentsClose CommentsPermalink

`Part IX. Opt Out of Iraq War.'.

SEC. 3. FUTURE FUND.

(a) Creation of Trust Fund- Subchapter A of chapter 98 of the Internal Revenue Code of 1986 (relating to trust fund code) is amended by adding at the end the following new section:CommentsClose CommentsPermalink

`SEC. 9511. FUTURE FUND.

`(a) Creation of Trust Fund- There is established in the Treasury of the United States a trust fund to be known as the `Future Fund', consisting of such amounts as may be appropriated or credited into such Fund as provided in this section and section 9602(b).CommentsClose CommentsPermalink





`(b) Transfers to Future Fund of Amounts Equivalent to Certain Taxes- There are hereby appropriated to the Future Fund amounts equivalent to the sum of the amounts designated under section 6097 for payment into the Fund.CommentsClose CommentsPermalink





`(c) Expenditures From Future Fund- Amounts in the Future Fund shall be available as follows:CommentsClose CommentsPermalink





`(1) HEAD START- One-third of such amounts shall be available, as provided in appropriation Acts, to carry out the Head Start Act (42 U.S.C. 9831).CommentsClose CommentsPermalink





`(2) REDUCTION OF NATIONAL DEBT- One-third of such amounts shall be available for reducing the national debt in accordance with subsection (d).CommentsClose CommentsPermalink





`(3) CHILDREN OF IRAQ WAR VETERANS COLLEGE FUND- One-third of such amounts shall be transferred to the Children of Iraq War Veterans College Fund in accordance with subsection (e).CommentsClose CommentsPermalink





`(d) Reduction of National Debt- The Secretary of the Treasury shall, from time to time, transfer to the special account established by section 3113(d) of title 31, United States Code, the amounts described in subsection (c)(2).CommentsClose CommentsPermalink





`(e) Children of Iraq War Veterans College Fund-CommentsClose CommentsPermalink





`(1) CREATION OF COLLEGE FUND- There is established in the Future Fund a separate account to be known as the `Children of Iraq War Veterans College Fund', consisting of amounts transferred or credited to the Children of Iraq War Veterans College Fund as provided in this section and section 9602(b).CommentsClose CommentsPermalink





`(2) EXPENDITURES FROM COLLEGE FUND- Amounts in the Children of Iraq War Veterans College Fund shall be available, as provided in appropriation Acts, to pay the qualified tuition and related expenses (as defined in section 117(b)(2)) of any individual if either parent of such individual served as a member of the Armed Forces of the United States in Iraq during any portion of the period that Iraq is designated as a combat zone for purposes of section 112 and--CommentsClose CommentsPermalink





`(A) such portion is at least 180 days,CommentsClose CommentsPermalink





`(B) such parent died as a result of wounds, disease, or injury incurred while so serving, orCommentsClose CommentsPermalink





`(C) as a result of wounds, disease, or injury incurred while so serving, such parent was hospitalized and unable to return to duty in such zone.'.CommentsClose CommentsPermalink





(b) Clerical Amendment- The table of sections for such subchapter A is amended by adding at the end the following new item:CommentsClose CommentsPermalink





`Sec. 9511. Future Fund.'.CommentsClose CommentsPermalink