1. Short title This Act may be cited as the Debt Buy-Down Act . 2. Designation of amounts for reduction of public debt (a) In general Subchapter A of chapter 61 of the Internal Revenue Code of 1986 (relating to returns and records) is amended by adding at the end the following new part: IX Designation for reduction of public debt Sec. 6097. Designation. 6097. Designation (a) In general Every individual with adjusted income tax liability for any taxable year may designate that a portion of such liability (not to exceed 10 percent thereof) shall be used to reduce the public debt. (b) Manner and time of designation A designation under subsection (a) may be made with respect to any taxable year only at the time of filing the return of tax imposed by chapter 1 for the taxable year. The designation shall be made on the first page of the return or on the page bearing the taxpayer’s signature. (c) Adjusted income tax liability For purposes of this section, the adjusted income tax liability of an individual for any taxable year is the income tax liability of the individual for the taxable year determined under section 6096(b), reduced by any amount designated under section 6096(a). . (b) Clerical amendment The table of parts for such subchapter A is amended by adding at the end the following new item: Part IX. Designation for reduction of public debt . (c) Effective date The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act. 3. Public debt reduction trust fund (a) In general 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 section: 9512. Public debt reduction 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 Public Debt Reduction Trust Fund , consisting of any amount appropriated or credited to the Trust Fund as provided in this section or section 9602(b). (b) Transfers to trust fund There are