CHAPTER 422

FORMERLY

HOUSE BILL NO. 624

AS AMENDED BY HOUSE AMENDMENT NO. 1

AN ACT TO AMEND CHAPTER 11, TITLE 30, DELAWARE CODE, RELATING TO THE ESTABLISHMENT OF A UNITED STATES OLYMPICS ACCOUNT WITHIN THE DIVISION OF THE TREASURY; FURTHER PROVIDING THAT INDIVIDUALS MAY DESIGNATE A PORTION OF THEIR INCOME TAX REFUND OR IN THE CASE OF A TAX LIABILITY DONATE AN AMOUNT IN EXCESS OF THE LIABILITY TO BE PLACED IN THE UNITED STATES OLYMPICS ACCOUNT; AUTHORIZING THE DIVISION OF REVENUE TO PROVIDE SPACE ON THE FACE OF THE DELAWARE INCOME TAX RETURN FORM WHEREBY AN INDIVIDUAL MAY VOLUNTARILY DESIGNATE AN AMOUNT TO BE DONATED TO SUCH AN ACCOUNT AND DIRECTING THE DIVISION OF REVENUE TO DETERMINE THE TOTAL AMOUNT DESIGNATED PURSUANT TO THIS SECTION AND TO REPORT SUCH AMOUNT TO THE STATE TREASURER WHO SHALL PLACE SUCH AMOUNT IN THE UNITED STATES OLYMPICS ACCOUNT; FURTHER AUTHORIZING THE STATE AUDITOR TO DRAW WARRANTS ON THE ACCOUNT PAYABLE TO THE UNITED STATES OLYMPICS COMMITTEE.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend Chapter 11, Title 30, Delaware Code by adding thereto a new Section to be designated as §1158 to read as follows:

"§1158. U. S. Olympics Account within Division of the Treasures

There is hereby established within the Division of the Treasury a U. S. Olympics Account for individuals who claim an overpayment of taxes to designate an amount to be deposited in such an account or individuals who have an income tax liability to designate an amount to be deposited to such an account, pursuant to the provisions of subsections (b) and (c) of this Section.

An individual who claims an overpayment of taxes on an income tax return may designate that $1 or more shall be deducted from the refund that would otherwise be payable to the individual and paid to the U. S. Olympics Committee, a congressionally chartered corporation under Public Law 95-606;36 U. S. C. 371 et seq. The Director of the Division of Revenue or his designee shall forward the amounts designated to the Division of the Treasury who shall deposit them to the credit of the U. S. Olympics Account.

An individual who has an income tax liability, may, in addition to their obligation, include a donation of $1 or more to be deposited with the State Treasurer which shall be placed in the U. S. Olympics Account.

The Division of Revenue shall provide a space on the face of the Delaware Income Tax return form whereby an individual may voluntarily designate a contribution of an amount of Si or more to the U. S. Olympic Committee.

The amount so designated by the individual on the income tax return form shall be deducted from the tax refund to which such individual is entitled; or the amount so designated may be added to the individual's payment of taxes due and shall not be included in the general revenue of the State.

The Division of Revenue shall determine the total amount designated pursuant to this Section and shall report such amount to the State 'Treasurer, who shall transfer such amount to the U. S. Olympics Account.

No less than annually, the State Auditor shall draw a warrant payable to the U. S. Olympics Committee, a congressionally chartered corporation under Public Law 95-606;36 U.S.C. 371 et seq., upon presentation of proper vouchers from the Division of Accounting. The amount of the warrant shall be the amount which has been designated by the contributing individuals as provided in subsections (b) and (c) and verified by the Division of Revenue to be placed in the U. S. Olympics Account by the State Treasurer or his or her designee."

Section 2. This Act shall become effective for the tax year 1984.

Approved July 20, 1984.