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Summary of Amendments to Chairman's Mark of Senate Economic Stimulus Package

NOV. 7, 2001

Summary of Amendments to Chairman's Mark of Senate Economic Stimulus Package

DATED NOV. 7, 2001
DOCUMENT ATTRIBUTES

 

=============== FULL TEXT ===============

 

November 7, 2001

AMENDMENTS FILED IN SENATE FINANCE COMMITTEE

______________________________________________________________________

 

NO.  SENATOR          SUMMARY

 

______________________________________________________________________

 

#1   Rockefeller #1   Hold States harmless for decreases in 2002 FMAP

 

                      Increase FMAP in 2002 for all states by 2% and

 

                      for states with unemployment higher than the

 

                      national average by an additional 2%

 

 

#2   Rockefeller #2   Provide a broadband tax credit for investments

 

                      in advanced telecommunications infrastructure

 

                      in rural areas and inner cities

 

 

     Daschle #

 

 

#3   Breaux # 1       Centrist Coalition Package: Stimulus checks;

 

                      20% bonus depreciation (including leaseholds);

 

                      5 year NOL carrybacks; Section 179; Extenders 1

 

                      yr; Accelerate 10% bracket expansion in 2002 to

 

                      $7K/$14K; increase the earnings limitation for

 

                      the refundable child tax credit from 10% to

 

                      15%; exempt UI benefits from taxation; provide

 

                      a 50% advanceable, refundable COBRA tax credit;

 

                      extend UI up to 13 additional weeks; provide

 

                      grants to states to help displaced workers

 

                      maintain health coverage, supplement their

 

                      income or receive job training

 

 

#4   Breaux #2        Provide for a temporary increase from 50% to

 

                      80% in the business meal and entertainment

 

                      expense deduction

 

 

#5   Breaux #3        Establish a yearly credit of $20 for any

 

                      insured licensed sanitation truck or concrete

 

                      mixer.

 

 

#6   Breaux #4        Add the S Corp Modernization Act to the mark.

 

                      The bill expands the list of eligible

 

                      shareholders and the number of shareholders of

 

                      S Corps (to 150); permits families to be

 

                      treated as one shareholder etc.

 

 

#7   Breaux #5        Exempt the towing industry from the bonus

 

                      depreciation provision in the mark.

 

 

#8   Breaux #6        Reauthorize the Transitional Medical Assistance

 

                      program for an additional 1 year. Also include

 

                      a State option to provide 12 months of

 

                      continuous eligibility to everyone who loses

 

                      Medicaid coverage due to increased earnings;

 

                      give States the option of receiving federal

 

                      matching funds if they offer a second year of

 

                      coverage to people who are below 185% of

 

                      poverty and uninsured; waive the federal

 

                      requirement that States report on the income

 

                      and expenses of TMA recipients every 3 months;

 

                      provide a State option to waive the requirement

 

                      that people must receive Medicaid for 3 of the

 

                      previous 6 months to be eligible for TMA;

 

                      require States to report their TMA enrollments

 

                      to HCFA separately and require HCFA to monitor

 

                      TMA enrollment in coordination with HHS; waive

 

                      TMA requirements for any state that expands

 

                      Medicaid eligibility to adults up to 185% of

 

                      poverty; require States to notify TANF leavers

 

                      of their potential eligibility for Medicaid and

 

                      the CHIP program; require states to accept

 

                      Medicaid applications from parents as well as

 

                      children at "outstationed" sites; provide a

 

                      State option to waive asset and resource tests

 

                      when determining or redetermining TMA

 

                      eligibility.

 

 

     Conrad #

 

 

#9   Graham # 1       Replace the 12 month extension of the Andean

 

                      Trade Preference Act with a 6 month extension.

 

 

#10  Graham #2        Increase the replacement period for citrus

 

                      growers who involuntarily lost trees due to

 

                      citrus canker, to four years after the land is

 

                      declared free of canker. Also, prorate the lost

 

                      income payments over a 10 year period.

 

 

#11  Graham #3        Clarify that the deposits of tour operators

 

                      become taxable income on the date the tour

 

                      departs.

 

 

#12  Graham #4        Suspend the 5 year test period for ownership

 

                      and use of principal residence during service

 

                      in the uniformed services or Foreign Service to

 

                      determine eligibility for the exclusion of gain

 

                      on sale of a principal residence.

 

 

#13  Graham #5        Add S. 1567 which permanently extends the

 

                      moratorium on state and local taxes on Internet

 

                      access, extends the moratorium on multiple or

 

                      discriminatory taxes on electronic commerce

 

                      until 12/31/05, and establishes a process to

 

                      allow states to simplify their sales and use

 

                      tax systems and require remote sellers to

 

                      collect these taxes.

 

 

#14  Jeffords # 1     Include associated development costs in basis

 

                      for the purposes of computing the low-income

 

                      housing credit

 

 

#15  Jeffords #2      Add the Ag Dept Community Facilities Guaranteed

 

                      Loan Program to the list of insurance programs

 

                      not treated as federally guaranteed when used

 

                      to insure tax-exempt bonds

 

 

#16  Bingaman #1      Clarify that American Indian and Alaska Native

 

                      women should not be excluded from receiving

 

                      coverage through Medicaid for breast and

 

                      cervical cancer treatment through the end of FY

 

                      02

 

 

#17 Bingaman #2       Allow extremely low DSH states to increase DSH

 

                      spending to 3% of program costs in FY02

 

 

#18  Bingaman #3      Allow extremely low DSH states with uninsured

 

                      rates over 20% to increase DSH spending to 3%

 

                      of program costs in FY 02

 

 

#19  Bingaman #4      Extend and expand Trade Adjustment Assistance

 

                      coverage for American workers negatively

 

                      impacted by trade.

 

 

#20  Bingaman # 5     Allow a one-time $15 tax credit to individuals

 

                      filing their federal 1040 tax returns on-line

 

                      and a $10 tax credit for those utilizing tele-

 

                      filing during the upcoming filing season.

 

 

#21  Bingaman #6      Allow IRS form 1099 to be provided

 

                      electronically to taxpayers.

 

 

#22  Kerry # 1        Hold States harmless for decreases in 2002 FMAP

 

                      Increase FMAP in 2002 for all states by 1.5%

 

                      and for states with unemployment higher than

 

                      the national average by an additional 1.5%

 

 

#23  Kerry #2         Redesign and reauthorize the personal

 

                      Responsibility and Work Opportunity

 

                      Reconciliation Act contingency fund for 1 year.

 

                      States qualify for contingency funding if (1)

 

                      their unemployment rate reaches 6.5% or if the

 

                      state's unemployment rate increased by 50% or

 

                      1.5 percentage points, whichever is smaller, as

 

                      compared to the lower of the average

 

                      unemployment rate for a comparable period in FY

 

                      02 or FY 01; (2) the state's unobligated TANF

 

                      balance was less than 6 months of TANF funding

 

                      - 50% of the FY 01 TANF block grant. States

 

                      that qualify for contingency funds receive 7%

 

                      increase in its quarterly TANF block grant

 

                      allocation.

 

 

#24  Kerry #3         Limit the amount of the AMT preference

 

                      resulting from the exercise of an incentive

 

                      stock option in 2000 to an amount based on the

 

                      fair market value of the stock as of 4/15/0. If

 

                      the stock was sold or exchanged on or before

 

                      that date, then the AMT preference would be

 

                      limited to the amount realized on such a sale

 

                      or exchange.

 

 

#25  Kerry #4         Allow the temporary 5 year NOL carryback rule

 

                      to apply to losses incurred by businesses both

 

                      in 2000 and 2001.

 

 

#26  Kerry #5         Provide that the term 'acquisition

 

                      indebtedness' does not apply to debenture

 

                      SBICs.

 

 

#27  Kerry #6         Extend the authority to share certain taxpayer

 

                      identification information beyond the current

 

                      demonstration project to apply to all States.

 

 

#28  Kerry #7         Suspend Section 809 so it would not be

 

                      applicable to mutual life insurance companies

 

                      in 2001 and 2002.

 

 

#29  Kerry #8         Clarify the IRS to provide that amounts derived

 

                      from Federal grants and state matching funds in

 

                      connection with revolving funds established in

 

                      accordance with the Federal Water Pollution

 

                      Control Act and Safe Drinking Water Act, and

 

                      proceeds of tax-exempt obligations deposited

 

                      into a reasonably required reserve fund within

 

                      the meaning of Section 148 of the IRS in

 

                      connection with such revolving funds, will not

 

                      be treated as proceeds or replacement proceeds

 

                      for purposes of Section 148

 

 

#30  Torricelli # 1   Exclude for one year from taxable income 90% of

 

                      the investments in US property that a foreign

 

                      company makes in Puerto Rico; and for 1 year

 

                      ease the transfer or manufacturing intangibles

 

                      from US companies to foreign corporations.

 

 

#31  Torricelli #2    Allow foreign life insurance subsidiaries of US

 

                      parent companies to use the local (foreign)

 

                      methodology in determining their life insurance

 

                      reserves, which are an element of determining

 

                      the amount of deferrable income under the

 

                      subpart F exception.

 

 

#32  Torricelli #3    Modify the calculation of DSH payments to New

 

                      Jersey hospitals to include patient days of

 

                      patients who were eligible for any local,

 

                      county or State sponsored indigent care

 

                      program.

 

 

#33  Torricelli #4    Modify Section 1203 of the IRS Restructuring

 

                      and Reform Act to expand the mandatory

 

                      discipline provisions to permit a broader range

 

                      of disciplinary actions, and to narrow the

 

                      coverage of the late filing provision to

 

                      exclude refund returns.

 

 

#34  Torricelli #5    Add a new element to the Medicare+Choice

 

                      payment formula to allow plans to receive

 

                      payments equal to 100% of the local fee-for-

 

                      service rate for one year.

 

 

#35  Torricelli #6    Provide a tax credit to parents of American

 

                      children who suffer from developmental

 

                      disabilities; a 1-year pilot program targeted

 

                      to developmentally disabled children age 6 and

 

                      under to reimburse families for an enumerated

 

                      set of expenses to include behavioral therapy;

 

                      speech therapy; occupational therapy; physical

 

                      therapy and other services.

 

 

#36  Torricelli #7    Strike all agricultural amendments to the

 

                      Chairman's mark

 

 

#37  Torricelli #8    Preclude JFK International Arrival Terminal

 

                      from paying taxes on net earnings realized from

 

                      the investment of bond proceeds.

 

 

#38  Torricelli #9    Designate Broadway and Off-Broadway theaters

 

                      empowerment zones under Sect. 1396 and eligible

 

                      for a 20% credit on wages paid to employees.

 

 

#39  Torricelli #10   Permit an election of an 85% Dividends Received

 

                      Deduction during an 8 month period after

 

                      enactment. 15% of eligible distributions will

 

                      remain taxable. An alternative is also provided

 

                      which would slow the rate of recapture of

 

                      Overall Foreign Losses for purposes of using

 

                      the foreign tax credit.

 

 

#40  Torricelli #11   Reclassify the Robert Wood Johnson University

 

                      Hospital System and Network to the NY

 

                      Metropolitan AWI for Medicare Wage Index

 

                      purposes.

 

 

#41  Torricelli #12   Provide income, estate and payroll tax relief

 

                      to the victims of the September 11th terrorist

 

                      attacks

 

 

#42  Torricelli #13   Lift the age limit for food stamp eligibility

 

                      in the Work Opportunities Tax Credit to age 50.

 

 

#43  Torricelli #14   Provides tax incentives to make energy

 

                      efficient building improvements.

 

 

#44  Torricelli #15   Allow Amtrak to partner with State governments

 

                      to issue up to $12 billion in qualified bonds

 

                      to develop the nation's high speed rail

 

                      corridors.

 

 

#45  Lincoln #1       Include wireless telecommunications equipment

 

                      (other than towers, buildings, T-1 lines and

 

                      other cabling connecting cell sites to mobile

 

                      switching centers) within the definition of

 

                      'qualified technological equipment' for Section

 

                      168(i)(2)

 

 

#46  Lincoln #2       Provide a US independent film and television

 

                      production wage credit.

 

 

#47  Lincoln #3       Provide assistance to the agricultural aviators

 

                      devastated financially by the September 11 air

 

                      groundings (S. 1410)

 

 

#48  Lincoln #4       Add S. 1201, the S Corporation Modernization

 

                      Act of 2001, to the mark.

 

 

#49  Lincoln #5       Impose a 6 month moratorium on changes to

 

                      certain upper payment limits under the Medicaid

 

                      program.

 

 

#50  Lincoln #6       Lift the cap on amortizing reforestation

 

                      expenses and increase the cap on the credit for

 

                      such expenses

 

 

#51  Lincoln #7       Provide incentives for the production and sale

 

                      of more energy efficient, environmentally

 

                      friendly appliances. (Appliance tax credit from

 

                      S. 686)

 

 

#52  Lincoln #8       Extend the special first year depreciation

 

                      allowance to qualified retail property.

 

 

#53  Lincoln #9       Provide for a limitation on the use of non-

 

                      accrual experience method of accounting.

 

 

#54  Lincoln #10      Provide an exclusion for gain from the sale of

 

                      farmland which is similar to the exclusion from

 

                      gain on the sale of a principal residence (S

 

                      362).

 

 

#55  Lincoln #11      Amend the treatment of expenses of Rural Letter

 

                      Carriers (S. 860)

 

 

     Grassley #

 

 

#56  Hatch # 1        Increase the additional first-year depreciation

 

                      deduction (bonus depreciation) from 10% to 50%.

 

 

#57  Hatch #2         Increase the additional first-year depreciation

 

                      deduction (bonus depreciation) from 10% to 30%.

 

 

#58  Hatch #3         Repeal the corporate AMT and fully refund AMT

 

                      credits.

 

 

#59  Hatch #4         Repeal the corporate AMT and refund AMT

 

                      credits, subject to a refund cap of $50 million

 

                      per corporation. Any remaining AMT credits

 

                      would be available to offset regular income tax

 

                      liability on a carryforward basis.

 

 

#60  Hatch #5         Provide a long-term capital gains tax rate of

 

                      10% for individuals.

 

 

#61  Hatch #6         Replace the one-year extension of Subpart F

 

                      with a permanent extension.

 

 

#62  Hatch #7         Modify the title of the bill to delete the

 

                      words "Economic Recovery and"

 

 

#63  Hatch #8         Modify the title of the bill to read: "The

 

                      Assistance for American Workers and Emergency

 

                      Agriculture Assistance Act of 2001".

 

 

#64  Murkowski # 1    Add the text of H.R. 4, the Security America's

 

                      Future Energy Act of 2001.

 

 

#65  Murkowski #2     Delete the provisions of the mark that are not

 

                      within the Committee's jurisdiction ($6 Billion

 

                      in agriculture spending) and use the revenues

 

                      to allow individuals to wrote off more than

 

                      $3,000 of capital losses in years 2001 and 2002

 

                      against ordinary income

 

 

#66  Murkowski #3     Allow businesses to expense (rather than

 

                      depreciate) the cost of security enhancement

 

                      property)

 

 

#67  Murkowski #4     Amend Section 1102(a)(1)(A), (b)(1) and (c)(1)

 

                      of the Omnibus Trade and Competitiveness Act of

 

                      1988 by striking June 1, 1993 each place it

 

                      appears and replacing it with December 31, 2004

 

 

#68  Nickles # 1      Strike all provisions not in SFC jurisdiction.

 

 

#69  Nickles #2       Eliminate the sunset provisions of EGTRRA.

 

 

#70  Nickles #3       Eliminate the estate tax sunset provision of

 

                      EGTRRA.

 

 

#71  Nickles #4       Repeal the corporate AMT effective for taxable

 

                      years after 12/31/01. Limit future credit use

 

                      to 90% of regular tax.

 

 

#72  Nickles #5       Accelerate to 2002 the marginal income tax rate

 

                      reductions scheduled to take place in 2004 and

 

                      2006

 

 

#73  Nickles #6       Reduce individual capital gains tax rates from

 

                      20% to 15% (and from 10% to 5% for low income

 

                      taxpayers). The 25% rate on recaptured

 

                      depreciable real estate gain is reduced to 20%.

 

 

#74  Nickles #7       Limit the cash payment provision in the mark to

 

                      taxpayers that had a positive income tax or

 

                      FICA tax liability after the child credit and

 

                      the EITC.

 

 

#75  Gramm # 1        Make the repeal of the estate tax included in

 

                      EGTRRA permanent.

 

 

#76  Gramm #2         Accelerate all marginal rate reductions

 

                      included in EGTRRA to their final 2006 levels

 

 

#77  Gramm #3         Reduce the tax rates on long-term capital gains

 

                      to 7.5% and 15%

 

 

#78  Gramm #4         Allow exploration for oil and natural gas

 

                      within 2000 acres of the 1002 area in the

 

                      Arctic National Wildlife Refuge, subject to the

 

                      limitations stipulated in Title V of H.R. 4

 

 

#79  Gramm #5         Extend the trade negotiating and trade

 

                      agreement implementing authority of the Omnibus

 

                      Trade and Competitiveness Act of 1988 through

 

                      12/31/04

 

 

#80  Gramm #6         Repeal the FUTA surtax of 0.2%

 

 

#81  Gramm #7         Repeal the 1993 Social Security tax increase.

 

 

#82  Gramm #8         Repeal the Social Security earnings limit.

 

 

#83  Gramm #9         Make all provisions of EGTRRA permanent.

 

 

#84  Gramm #10        Accelerate the increase in the child tax credit

 

                      to $700 included in EGTRRA from 2005 to 2002.

 

 

#85  Lott # 1         Provide a Sense of the Senate that the SFC

 

                      should mark up legislation providing the

 

                      President with Trade Promotion Authority before

 

                      the end of calendar year 2001.

 

 

#86  Thompson # 1     Accelerate into 2002 all of the marginal income

 

                      tax rate cuts that are scheduled to go into

 

                      effect in 2004 and 2006

 

 

#87  Thompson #2      Repeal the individual and corporate AMT

 

                      beginning in 1/1/02

 

 

#88  Snowe # 1        Allow states to choose to implement a sales tax

 

                      holiday for a 10 day period between 11/23/01

 

                      and 12/2/01. Sales tax revenue which would have

 

                      been collected during this time will be

 

                      reimbursed to the states by the federal

 

                      government.

 

 

#89  Snowe #2         Raise the earnings limitation for the

 

                      refundable child tax credit from 10% of

 

                      earnings over $10,000 in 2001-2004, to 15% of

 

                      earnings over $10,000 for calendar 2001 for the

 

                      refundable portion of the child tax credit.

 

 

#90  Snowe #3         Effective in 2001, expand the 10% marginal rate

 

                      bracket tothe first $7,000 of taxable income

 

                      for singles, first $10,000 for heads of

 

                      household, and first $12,000 for married

 

                      couples.

 

 

#91  Kyl # 1          Eliminate the sunset for repeal of the estate

 

                      tax provided in EGTRRA.

 

 

#92  Kyl #2           Explicitly prohibit any federal expenditures

 

                      pursuant to this legislation after 12/31/02

 

 

#93  Kyl #3           Delete all provisions that are not within the

 

                      SFC jurisdiction.

 

 

#94  Kyl #4           Repeal corporate AMT on a prospective basis.

 

 

#95  Kyl #5           Provide a temporary $500 tax credit per person

 

                      for personal travel expenses paid or incurred

 

                      between date of enactment and 12/31/01

 

 

     Thomas #
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