1. Short title
This Act may be cited as the “Dollars for the Wall Act”.
Dollars for the Wall Act
A BILL
To amend the Internal Revenue Code of 1986 to terminate the designation of income tax payments to the Presidential Election Campaign Fund and to provide for the designation of income tax payments to the Border Wall Trust Fund, and for other purposes.
2. Termination of designation of income tax payments to the Presidential Election Campaign Fund
In general— Section 6096 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
“(d) Termination—This section shall not apply to taxable years beginning after December 31, 2018.”
Effective date— The amendment made by this section shall apply to taxable years beginning after December 31, 2018.
3. Designation of income tax payments to Border Wall Trust Fund
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:
“IX Designation of Income Tax Payments to Border Wall Trust Fund
“6098. Designation to Border Wall Trust Fund
“(a) In general—Every individual (other than a nonresident alien) whose income tax liability for the taxable year is $3 or more may designate that $3 shall be paid over to the Border Wall Trust Fund in accordance with the provisions of section 9512. In the case of a joint return of husband and wife having an adjusted income tax liability of $6 or more, each spouse may designate that $3 shall be paid to the fund.
“(b) Income tax liability—For purposes of subsection (a), the income tax liability of an individual for any taxable year is the amount of the tax imposed by chapter 1 on such individual for such taxable year (as shown on the individual’s return), reduced by the sum of the credits (as shown on such return) allowable under part IV of subchapter A of chapter 1 (other than subpart C thereof).
“(c) Manner and time of designation—A designation under subsection (a) may be made with respect to any taxable year—
“(1) at the time of filing the return of the tax imposed by chapter 1 for such taxable year, or
“(2) at any other time (after the time of filing the return of the tax imposed by chapter 1 for such taxable year) specified in regulations prescribed by the Secretary.”
Border Wall Trust Fund— Subchapter A of chapter 98 of such Code (relating to establishment of trust funds) is amended by adding at the end the following new section:
“9512. Border Wall Trust Fund
“(a) Creation of trust fund—There is established in the Treasury of the United States a trust fund to be known as the “Border Wall Trust Fund”, consisting of such amounts as may be appropriated or credited to such fund as provided in this section or section 9602(b).
“(b) Transfers to trust fund—There are hereby appropriated to the Border Wall Trust Fund amounts equivalent to the amounts designated under section 6098.
“(c) Expenditures—Amounts in the Border Wall Trust Fund shall be available, as provided in appropriation Acts, only for the purpose of building a physical wall along the southern border of the United States.”
Clerical amendments—
The table of parts for subchapter A of chapter 61 of such Code is amended by adding at the end the following new item:
The table of sections for subchapter A of chapter 98 of such Code is amended by adding at the end the following new item:
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2018.