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B-137762.33 1 (1977-10-06)

handle is hein.gao/gaobadrnt0001 and id is 1 raw text is: DIGEST NO C &;ULAT!ON - 192 COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON, D.C. 20548 ,33 OCT6 rable Sam M. Gibbons Representat yes Gibbons: s refers to your letter dated September 12, 1977, in which you have your letter of August 5, 1977, responding to letter of April 18, in which you conclude that payment during fiscal 1976 of more than $808 lion out of the Treasury on account of earned In- * credits in excess of income tax liabilities ,not a violation of the constitutional require- i that no money shall be drawn from the Treasury bout an appropriation. * * *' I read your letter, if Congress wants to with- w money from the Treasury to pay a subsidy with- an appropriation for that purpose, It can simply nt a credit against the Income tax for the sidy and provide that any credit in excess of tax Il Ity shall be treated as an overpayment of tax. is, if Congress gives farmers a credit against Icome tax for not growing wheat, and provides tany credit in excess of tax liability shall be ated as an overpayment of Income tax, money can drawn from the Treasury to pay the subsidy as a rg against the continuing appropriation for 'unding Internal -revenue collections. *nclose a copy of a letter dated August 12, 1977, Senators Russell B. Long and Edward M. Kennedy Secretary of the Treasury Blumenthal in which it POSPS4 first, that the investment tax credit refundable to taxpayers when the credit exceeds ZPR tax liability, and second, that the amount the credit be 'refunded' to certain organizations ch are exempt from income tax. I gather from ir letter that it is your position that money could rawn from the Treasury to pay the subsidy pro- ed by the Senators without any appropriation for

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