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S. 743 - State Fiscal Flexibility Act of 2021

JAN. 1, 1899

S. 743; State Fiscal Flexibility Act of 2021

DATED JAN. 1, 1899
DOCUMENT ATTRIBUTES
  • Authors
    Crapo, Sen. Mike
  • Institutional Authors
    U.S. Senate
    U.S. Senate Finance Committee
  • Subject Area/Tax Topics
  • Jurisdictions
  • Tax Analysts Document Number
    2021-11185
  • Tax Analysts Electronic Citation
    2021 TNTF 50-15
    2021 TNTS 50-31
Citations: S. 743; State Fiscal Flexibility Act of 2021

117TH CONGRESS
1ST SESSION

S. 743

To amend title VI of the Social Security Act to remove
the prohibition on States and territories against lowering their taxes.

IN THE SENATE OF THE UNITED STATES

MARCH 15, 2021

Mr. CRAPO (for himself, Mr. GRASSLEY, Mr. CORNYN, Mr. PORTMAN,
Mr. SCOTT of South Carolina, Mr. LANKFORD, Mr. DAINES, Mr. YOUNG,
and Mr. RISCH) introduced the following bill; which was read
twice and referred to the Committee on _____

A BILL

To amend title VI of the Social Security Act to remove the prohibition on States and territories against lowering their taxes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the "State Fiscal Flexibility Act of 2021".

SEC.2. REMOVAL OF RESTRICTION OF USE OF CORONAVIRUS STATE FISCAL RECOVERY FUNDS.

(a) IN GENERAL. — Paragraph (2) of section 602(c) of the Social Security Act, as added by section 9901 of the American Rescue Plan Act of 2021, is amended to read as follows:

"(2) FURTHER RESTRICTION ON USE OF FUNDS. — No State or territory may use funds made available under this section for deposit into any pension fund.".

(b) CONFORMING AMENDMENTS. — Section 602 of such Act is further amended —

(1) in subsection (d)(2)(A), by striking ", including, in the case of a State or a territory, all modifications to the State's or territory's tax revenue sources during the covered period";

(2) in subsection (e), by striking "such subsection," and all that follows through the period and inserting "such subsection."; and

(3) in subsection (g) —

(A) by striking paragraph (1); and

(B) by redesignating paragraphs (2) through (7) as paragraphs (1) through (6), respectively.

(c) EFFECTIVE DATE. — The amendments made by this section shall take effect as if included in the enactment of the American Rescue Plan Act of 2021.

DOCUMENT ATTRIBUTES
  • Authors
    Crapo, Sen. Mike
  • Institutional Authors
    U.S. Senate
    U.S. Senate Finance Committee
  • Subject Area/Tax Topics
  • Jurisdictions
  • Tax Analysts Document Number
    2021-11185
  • Tax Analysts Electronic Citation
    2021 TNTF 50-15
    2021 TNTS 50-31
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