S 1162 in Congressional Session 108

Official Summary

 

Bill Number : S 1162

 

Title : A bill to amend the Internal Revenue Code of 1986 to accelerate the increase in the refundability of the child tax credit, and for other purposes.

 

SUMMARY AS OF:
6/2/2003--Introduced. Working Taxpayer Fairness Restoration Act - Amends the Internal Revenue Code, with respect to the refundability of the child tax credit, to accelerate the increase to the 15 percent rate. Limits, to fair market value immediately following a transaction, the importation of net built-in loss by a corporation. Prohibits an allocation of any decrease in the adjusted basis of partnership property to stock in a corporation which is a partner in the partnership. Repeals part V (Financial Asset Securitization Investment Trusts) of subchapter M (Regulated Investment Companies and Real Estate Investment Trusts). Expands the definition of a disqualified debt instrument with respect to deduction disallowance on certain debt instruments of corporations. Expands the authority to disallow deductions, credits, or other allowances under provisions disallowing such benefits due to acquisitions made to evade or avoid income tax. Amends provisions affecting passive foreign investment companies to state that the term "qualified portion" (of a shareholder's holding period) does not include any period if there is only a remote likelihood of an inclusion in gross income under subpart F (Controlled Foreign Income). Adds to the definition of the term "real estate investment trust" by stating that such term includes a corporation, trust, or association which is not a controlled entity. Directs the Secretary to establish a program requiring the payment of user fees, until September 30, 2013, for: (1) requests to the Internal Revenue Service for ruling letters, opinion letters, and determination letters; and (2) other similar requests.

Votes

Title : A bill to amend the Internal Revenue Code of 1986 to accelerate the increase in the refundability of the child tax credit, and for other purposes.
Votes in the US Senate
Roll NumberVote DateQuestionDescriptionVote Result
2662003-07-09On the Motion to TableMotion To Table The Motion To Proceed To The Consideration of S. 1162; Working Taxpayer Fairness Restoration ActAgreed to
Votes in the US House
This Bill was not Voted in the US House

Sponsors

 
Congressional Sponsors of S 1162
 
Bill Number : S 1162
Title : A bill to amend the Internal Revenue Code of 1986 to accelerate the increase in the refundability of the child tax credit, and for other purposes.
Sponsor: Sen Lincoln, Blanche L. [AR] (introduced 6/2/2003)      
ALPHABETICAL [followed by Cosponsors withdrawn]:     (Sort: by date)

    Sen Akaka, Daniel K. [HI] - 6/3/2003

    Sen Baucus, Max [MT] - 6/3/2003

    Sen Bayh, Evan [IN] - 6/3/2003

    Sen Biden, Joseph R., Jr. [DE] - 6/3/2003

    Sen Bingaman, Jeff [NM] - 6/2/2003

    Sen Boxer, Barbara [CA] - 6/3/2003

    Sen Breaux, John B. [LA] - 6/2/2003

    Sen Byrd, Robert C. [WV] - 6/5/2003

    Sen Cantwell, Maria [WA] - 6/3/2003

    Sen Carper, Thomas R. [DE] - 6/3/2003

    Sen Chafee, Lincoln [RI] - 6/3/2003

    Sen Clinton, Hillary Rodham [NY] - 6/2/2003

    Sen Collins, Susan M. [ME] - 6/2/2003

    Sen Conrad, Kent [ND] - 6/3/2003

    Sen Corzine, Jon S. [NJ] - 6/2/2003

    Sen Daschle, Thomas A. [SD] - 6/3/2003

    Sen Dodd, Christopher J. [CT] - 6/3/2003

    Sen Dorgan, Byron L. [ND] - 6/3/2003

    Sen Durbin, Richard [IL] - 6/2/2003

    Sen Edwards, John [NC] - 6/2/2003

    Sen Feinstein, Dianne [CA] - 6/3/2003

    Sen Graham, Bob [FL] - 6/3/2003

    Sen Harkin, Tom [IA] - 6/2/2003

    Sen Hollings, Ernest F. [SC] - 6/3/2003

    Sen Inouye, Daniel K. [HI] - 6/4/2003

    Sen Jeffords, James M. [VT] - 6/2/2003

    Sen Johnson, Tim [SD] - 6/2/2003

    Sen Kennedy, Edward M. [MA] - 6/2/2003

    Sen Kerry, John F. [MA] - 6/3/2003

    Sen Kohl, Herb [WI] - 6/3/2003

    Sen Landrieu, Mary L. [LA] - 6/2/2003

    Sen Lautenberg, Frank R. [NJ] - 6/3/2003

    Sen Leahy, Patrick J. [VT] - 6/3/2003

    Sen Levin, Carl [MI] - 6/3/2003

    Sen Lieberman, Joseph I. [CT] - 6/2/2003

    Sen McCain, John [AZ] - 6/4/2003

    Sen Mikulski, Barbara A. [MD] - 6/3/2003

    Sen Murray, Patty [WA] - 6/3/2003

    Sen Nelson, Bill [FL] - 6/3/2003

    Sen Nelson, E. Benjamin [NE] - 6/3/2003

    Sen Pryor, Mark L. [AR] - 6/2/2003

    Sen Reed, Jack [RI] - 6/2/2003

    Sen Reid, Harry [NV] - 6/2/2003

    Sen Rockefeller, John D., IV [WV] - 6/2/2003

    Sen Sarbanes, Paul S. [MD] - 6/3/2003

    Sen Schumer, Charles E. [NY] - 6/3/2003

    Sen Snowe, Olympia J. [ME] - 6/2/2003

    Sen Specter, Arlen [PA] - 6/3/2003

    Sen Stabenow, Debbie [MI] - 6/3/2003

    Sen Voinovich, George V. [OH] - 6/3/2003

    Sen Warner, John [VA] - 6/2/2003

    Sen Wyden, Ron [OR] - 6/4/2003

Other Info

Bill Number : S 1162
Title : A bill to amend the Internal Revenue Code of 1986 to accelerate the increase in the refundability of the child tax credit, and for other purposes.
 
 
ALL ACTIONS:
 
6/2/2003:Sponsor introductory remarks on measure. (CR S7189-7190)
 
6/2/2003:Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
 
6/3/2003:Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 118.
 
7/9/2003:Motion to proceed to consideration of measure made in Senate. (consideration: CR S9089-9090)
 
7/9/2003:Motion to table the motion to proceed to the measure made in Senate.
 
7/9/2003:Motion to proceed to consideration of measure tabled in Senate by Yea-Nay Vote. 51 - 45. Record Vote Number: 266. (consideration: CR S9094-9095)