113 HR 699 IH: Stop the Sequester Job Loss Now Act
U.S. House of Representatives
2013-02-14
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.This Act may be cited as the
Stop the Sequester Job Loss Now
Act
.
2.
Sec. 1. Short title.
Sec. 2. Table of contents.
Title I—BUDGET PROCESS AMENDMENTS TO REPLACE FISCAL YEAR 2013
SEQUESTRATION
Sec. 101. Repeal and replace the 2013 sequester.
Sec. 102. Protecting veterans programs from
sequester.
Title II—AGRICULTURAL SAVINGS
Sec. 201. One-year extension of agricultural commodity
programs, except direct payment programs.
Title III—OIL AND GAS SUBSIDIES
Sec. 301. Limitation on section 199 deduction attributable to
oil, natural gas, or primary products thereof.
Sec. 302. Prohibition on using last-in, first-out accounting
for major integrated oil companies.
Sec. 303. Modifications of foreign tax credit rules applicable
to major integrated oil companies which are dual capacity
taxpayers.
Title IV—THE BUFFETT RULE
Sec. 401. Fair share tax on high-income taxpayers.
Title V—SENSE OF THE HOUSE
Sec. 501. Sense of the House on the need for a fair, balanced
and bipartisan approach to long-term deficit reduction.
<enum>I</enum><header>BUDGET PROCESS
AMENDMENTS TO REPLACE FISCAL YEAR 2013 SEQUESTRATION</header>
<section id="H8CAC0F1671134EFE9B16D5B9AA3093DF"><enum>101.</enum><header>Repeal the 2013
sequester and delay the 2014 sequester</header>
<subsection id="HC893604AE1A64BEAADC15DD154077133"><enum>(a)</enum><header>Calculation of
total deficit reduction and allocation to functions</header><paragraph commented="no" display-inline="yes-display-inline" id="H5B0E8205C165464BBE33CD10AA5FC33C"><enum>(1)</enum><text>Subparagraph (E) of
section 251A(3) is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="H3B10EA77D53C4BA9B5B15B12C938A32E" style="OLC">
<paragraph id="H1A92603153F044688E97B8D69E920391"><enum>(E)</enum><text display-inline="yes-display-inline">For fiscal year 2014, reducing the amount
calculated under subparagraphs (A) through (D) by
$27,500,000,000.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="HC58E28FDA14B4C278F868E5A582BDE55" indent="up1"><enum>(2)</enum><text>Paragraph (4) of section 251A of the
Balanced Budget and Emergency Deficit Control Act of 1985 (<external-xref legal-doc="usc" parsable-cite="usc/2/901a">2 U.S.C. 901a</external-xref>) is
amended by striking <quote>On March 1, 2013, for fiscal year 2013, and in its
sequestration preview report for fiscal years 2014 through 2021</quote> and
inserting <quote>On January 2, 2014, for fiscal year 2014, and in its
sequestration preview report for fiscal years 2015 through 2021</quote>.</text>
</paragraph></subsection><subsection id="HD7D7C257C5014595B6370BCB5F557C1B"><enum>(b)</enum><header>Defense and
nondefense function reductions</header><text>Paragraphs (5) and (6) of section
251A of the Balanced Budget and Emergency Deficit Control Act of 1985 are
amended by striking <quote>2013</quote> and inserting <quote>2014</quote> each
place it appears.</text>
</subsection><subsection id="H6E9836AC4B6C43018E822C96E0239C35"><enum>(c)</enum><header>Implementing
discretionary reductions</header><paragraph commented="no" display-inline="yes-display-inline" id="H33684A54D47D4F7F8D25E562F480FB9D"><enum>(1)</enum><text>Section 251A(7)(A) of
the Balanced Budget and Emergency Deficit Control Act of 1985 is amended by
striking <quote><header-in-text level="subparagraph" style="OLC">2013</header-in-text>.—On January 2, 2013, for fiscal year
2013</quote> and inserting <quote><header-in-text level="subparagraph" style="OLC">2014</header-in-text>.—On January 2, 2014, for fiscal year
2014</quote>.</text>
</paragraph><paragraph id="HD7CE3034E1A3453FBB9AC94C5ACD2C7F" indent="up1"><enum>(2)</enum><text>Section 251A(7)(B) of such Act is
amended by striking <quote>2014</quote> and inserting <quote>2015</quote> each
place it appears.</text>
</paragraph></subsection><subsection id="HB56D40F186E24496A6CDB672E2E29450"><enum>(d)</enum><header>Savings</header><text>The
savings set forth by the enactment of title II shall achieve the savings that
would otherwise have occurred as a result of the sequestration under section
251A of the Balanced Budget and Emergency Deficit Control Act of 1985.</text>
</subsection></section><section id="H86241ADBF083479A8A17AFBA717EF83A"><enum>102.</enum><header>Protecting
veterans programs from sequester</header><text display-inline="no-display-inline">Section 256(e)(2)(E) of the Balanced Budget
and Emergency Deficit Control Act of 1985 is repealed.</text>
</section><enum>II</enum><header>AGRICULTURAL
SAVINGS</header>
<section id="H388B826EC49A46EE86912D98AC348A9F"><enum>201.</enum><header>One-year
extension of agricultural commodity programs, except direct payment
programs</header>
<subsection id="HC711B60843904C7286CE763518C17CAD"><enum>(a)</enum><header>Extension</header><text>Except
as provided in subsection (b) and notwithstanding any other provision of law,
the authorities provided by each provision of title I of the Food,
Conservation, and Energy Act of 2008 (<external-xref legal-doc="public-law" parsable-cite="pl/110/246">Public Law 110–246</external-xref>; 122 Stat. 1651) and
each amendment made by that title (and for mandatory programs at such funding
levels), as in effect on September 30, 2013, shall continue, and the Secretary
of Agriculture shall carry out the authorities, until September 30,
2014.</text>
</subsection><subsection id="H8E5FA204DF20478D9730DDCBE9127F91"><enum>(b)</enum><header>Termination of
direct payment programs</header>
<paragraph id="H810EE88EFAFD4B15BA358F3DEF1F34C6"><enum>(1)</enum><header>Covered
commodities</header><text>The extension provided by subsection (a) shall not
apply with respect to the direct payment program under section 1103 of the
Food, Conservation, and Energy Act of 2008 (<external-xref legal-doc="usc" parsable-cite="usc/7/8713">7 U.S.C. 8713</external-xref>).</text>
</paragraph><paragraph id="H7ED0DE1190424778BE8F0DA686E626FB"><enum>(2)</enum><header>Peanuts</header><text>The
extension provided by subsection (a) shall not apply with respect to the direct
payment program under section 1303 of the Food, Conservation, and Energy Act of
2008 (<external-xref legal-doc="usc" parsable-cite="usc/7/7953">7 U.S.C. 7953</external-xref>).</text>
</paragraph></subsection><subsection id="H0C6A7B7D214444F988DA22FFDC9D2729"><enum>(c)</enum><header>Effective
date</header><text>This section shall take effect on the earlier of—</text>
<paragraph id="H38CCF465ABA44955ACE0271368A4A379"><enum>(1)</enum><text>the date of the
enactment of this Act; and</text>
</paragraph><paragraph id="H8FB7FBFF11E6497AA8663596F4C98B60"><enum>(2)</enum><text>September 30,
2013.</text>
</paragraph></subsection></section><enum>III</enum><header>OIL
AND GAS SUBSIDIES</header>
<section id="H816ACC7EBBC74221828E2070FD040FE8"><enum>301.</enum><header>Limitation on
section 199 deduction attributable to oil, natural gas, or primary products
thereof</header>
<subsection id="H6885818F3BCB42D88BF3FF8D969FEE8D"><enum>(a)</enum><header>Denial of
deduction</header><text>Paragraph (4) of section 199(c) of the Internal Revenue
Code of 1986 is amended by adding at the end the following new
subparagraph:</text>
<quoted-block id="H79C0859E79ED48D081F8DB89BCB56483" style="OLC">
<subparagraph id="H2BA7CE0688374CE89ADE1773FED494DF"><enum>(E)</enum><header>Special rule for
certain oil and gas income</header><text>In the case of any taxpayer who is a
major integrated oil company (as defined in section 167(h)(5)(B)) for the
taxable year, the term <quote>domestic production gross receipts</quote> shall
not include gross receipts from the production, transportation, or distribution
of oil, natural gas, or any primary product (within the meaning of subsection
(d)(9))
thereof.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HABF423B1EE8B4F41AB74F1AA2FCAAD14"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to taxable
years ending after December 31, 2013.</text>
</subsection></section><section id="H1A8918638DC94FB2BF8631DE69AE0696"><enum>302.</enum><header>Prohibition on
using last-in, first-out accounting for major integrated oil companies</header>
<subsection id="HAB1BAB20B6394F159A708FB818CAB54F"><enum>(a)</enum><header>In
general</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/472">Section 472</external-xref> of the Internal Revenue Code of 1986 is
amended by adding at the end the following new subsection:</text>
<quoted-block id="HA18F41CDC57B49C8A08B542C391137E2" style="OLC">
<subsection id="H1ADBDEA8A94746DEBAD541075365D3E1"><enum>(h)</enum><header>Major integrated
oil companies</header><text>Notwithstanding any other provision of this
section, a major integrated oil company (as defined in section 167(h)(5)(B))
may not use the method provided in subsection (b) in inventorying of any
goods.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H12834DE3FED340B49920803E60BA3418"><enum>(b)</enum><header>Effective date
and special rule</header>
<paragraph id="HA7582B1559AE4114A071C5AE9C7C4D6A"><enum>(1)</enum><header>In
general</header><text>The amendment made by subsection (a) shall apply to
taxable years ending after December 31, 2013.</text>
</paragraph><paragraph id="H0B28D99D48D149F09475FC590DC80D1F"><enum>(2)</enum><header>Change in method
of accounting</header><text>In the case of any taxpayer required by the
amendment made by this section to change its method of accounting for its first
taxable year ending after December 31, 2013—</text>
<subparagraph id="H6D9DB0776B674E978B3DD13CC68E3D00"><enum>(A)</enum><text>such change shall
be treated as initiated by the taxpayer,</text>
</subparagraph><subparagraph id="HBB39E7A2671449B3AE3F8D1A06702A73"><enum>(B)</enum><text>such change shall
be treated as made with the consent of the Secretary of the Treasury,
and</text>
</subparagraph><subparagraph id="H27A4570421A74CF5A53ADD3A2E1F2CB9"><enum>(C)</enum><text>the net amount of
the adjustments required to be taken into account by the taxpayer under section
481 of the Internal Revenue Code of 1986 shall be taken into account ratably
over a period (not greater than 8 taxable years) beginning with such first
taxable year.</text>
</subparagraph></paragraph></subsection></section><section id="HAE959301C0D3478EAB78BE7921A4E9C3"><enum>303.</enum><header>Modifications
of foreign tax credit rules applicable to major integrated oil companies which
are dual capacity taxpayers</header>
<subsection id="H0FD276F300D147A1B3AAB34301EA20EE"><enum>(a)</enum><header>In
general</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/901">Section 901</external-xref> of the Internal Revenue Code of 1986 is
amended by redesignating subsection (n) as subsection (o) and by inserting
after subsection (m) the following new subsection:</text>
<quoted-block id="H4C395D35EEB647E38F508BD0AB9462C0" style="OLC">
<subsection id="HBFD104EC068D46A3A18325529CBAB995"><enum>(n)</enum><header>Special rules
relating to major integrated oil companies which are dual capacity
taxpayers</header>
<paragraph id="H3F4B5A4F1CF3422D8FF18FAA77BBDCD5"><enum>(1)</enum><header>General
rule</header><text>Notwithstanding any other provision of this chapter, any
amount paid or accrued by a dual capacity taxpayer which is a major integrated
oil company (as defined in section 167(h)(5)(B)) to a foreign country or
possession of the United States for any period shall not be considered a
tax—</text>
<subparagraph id="HBC27E8AD6F9C4C7C970D3997EEF5B4EE"><enum>(A)</enum><text>if, for such
period, the foreign country or possession does not impose a generally
applicable income tax, or</text>
</subparagraph><subparagraph id="H36519214DC094F60807EB4F5519DDF9A"><enum>(B)</enum><text>to the extent such
amount exceeds the amount (determined in accordance with regulations)
which—</text>
<clause id="H7A4DBCF8D1014DBE934A7483AE3A2B38"><enum>(i)</enum><text>is
paid by such dual capacity taxpayer pursuant to the generally applicable income
tax imposed by the country or possession, or</text>
</clause><clause id="H11A3992BC7EC4D668DAC4C2A4A832CB5"><enum>(ii)</enum><text>would be paid if
the generally applicable income tax imposed by the country or possession were
applicable to such dual capacity taxpayer.</text>
</clause><continuation-text continuation-text-level="subparagraph">Nothing
in this paragraph shall be construed to imply the proper treatment of any such
amount not in excess of the amount determined under subparagraph (B).</continuation-text></subparagraph></paragraph><paragraph id="H42127CDDD83744D0BF37555E0B2C53C4"><enum>(2)</enum><header>Dual capacity
taxpayer</header><text>For purposes of this subsection, the term <quote>dual
capacity taxpayer</quote> means, with respect to any foreign country or
possession of the United States, a person who—</text>
<subparagraph id="H59959D83ED084356AFDC3372EEFF826D"><enum>(A)</enum><text>is subject to a
levy of such country or possession, and</text>
</subparagraph><subparagraph id="HB7820E99068B48FEB5FF3B2768D5C71D"><enum>(B)</enum><text>receives (or will
receive) directly or indirectly a specific economic benefit (as determined in
accordance with regulations) from such country or possession.</text>
</subparagraph></paragraph><paragraph id="H338A5FE82F59431CACEB7F6EFAAE1E32"><enum>(3)</enum><header>Generally
applicable income tax</header><text>For purposes of this subsection—</text>
<subparagraph id="H8CDC90216FE44CFB9CA6C327FBAECED6"><enum>(A)</enum><header>In
general</header><text>The term <quote>generally applicable income tax</quote>
means an income tax (or a series of income taxes) which is generally imposed
under the laws of a foreign country or possession on income derived from the
conduct of a trade or business within such country or possession.</text>
</subparagraph><subparagraph id="H84906BEAC214410198F660E2A3007CF4"><enum>(B)</enum><header>Exceptions</header><text>Such
term shall not include a tax unless it has substantial application, by its
terms and in practice, to—</text>
<clause id="H938363871FAB4FF98B2ED9952C831284"><enum>(i)</enum><text>persons who are
not dual capacity taxpayers, and</text>
</clause><clause id="H9155DBA7AED74A43B31345B378FC3B69"><enum>(ii)</enum><text>persons who are
citizens or residents of the foreign country or
possession.</text>
</clause></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HDD14C44191F54A3C9C07D57C3357EEEB"><enum>(b)</enum><header>Effective
date</header>
<paragraph id="H9D891830529A466DABC6C39081033C6E"><enum>(1)</enum><header>In
general</header><text>The amendments made by this section shall apply to taxes
paid or accrued in taxable years beginning after the date of the enactment of
this Act.</text>
</paragraph><paragraph id="HA18C7E7F547C474588FEC59B057FE687"><enum>(2)</enum><header>Contrary treaty
obligations upheld</header><text>The amendments made by this section shall not
apply to the extent contrary to any treaty obligation of the United
States.</text>
</paragraph></subsection></section><enum>IV</enum><header>THE
BUFFETT RULE</header>
<section id="H12118A605782485D8169FAD4D454F528"><enum>401.</enum><header>Fair share tax
on high-income taxpayers</header>
<subsection id="H16756E5D25A84D3E87745661CD80C0BE"><enum>(a)</enum><header>In
general</header><text>Subchapter A of chapter 1 of the Internal Revenue Code of
1986 is amended by adding at the end the following new part:</text>
<quoted-block display-inline="no-display-inline" id="HB58CCDA3EE834D0D9CBDA15A1EE67843" style="OLC">
<part id="HB8B1233E6C294134A81FA9B1415CE01A"><enum>VII</enum><header>FAIR SHARE TAX
ON HIGH-INCOME TAXPAYERS</header>
<section id="H4FC5365A250149D4AB989B2B576C89E0"><enum>59B.</enum><header>Fair share
tax</header>
<subsection id="H22B9C2E20D2E4BF38E48073950DD6BCD"><enum>(a)</enum><header>General
rule</header>
<paragraph id="HCA2BF0EABFDD4D6DA96FC91F0C62AE05"><enum>(1)</enum><header>Phase-in of
tax</header><text>In the case of any high-income taxpayer, there is hereby
imposed for a taxable year (in addition to any other tax imposed by this
subtitle) a tax equal to the product of—</text>
<subparagraph id="H8E94A7A320EA4BC080FC3D322EE55454"><enum>(A)</enum><text>the amount
determined under paragraph (2), and</text>
</subparagraph><subparagraph id="HFD2BDA44F9FB47479B2E4C28B89948AE"><enum>(B)</enum><text>a fraction (not to
exceed 1)—</text>
<clause id="HF5E8F66A02114E37A55A4A2682B32715"><enum>(i)</enum><text>the numerator of
which is the excess of—</text>
<subclause id="HF1FF08F3ED994EF7AC070B9943C9D5EB"><enum>(I)</enum><text>the taxpayer’s
adjusted gross income, over</text>
</subclause><subclause id="HF5608E89850F4717B8A7C44D308DF35F"><enum>(II)</enum><text>the dollar amount
in effect under subsection (c)(1), and</text>
</subclause></clause><clause id="H9A75AEA5F6F54879A269B564479AD24C"><enum>(ii)</enum><text>the denominator
of which is the dollar amount in effect under subsection (c)(1).</text>
</clause></subparagraph></paragraph><paragraph id="H4F28B91D3F12457698388338F0F43C9D"><enum>(2)</enum><header>Amount of
tax</header><text>The amount of tax determined under this paragraph is an
amount equal to the excess (if any) of—</text>
<subparagraph id="H7F72839892E64FEA903E29CB88D06618"><enum>(A)</enum><text>the tentative fair
share tax for the taxable year, over</text>
</subparagraph><subparagraph id="H2D6FE8A533FC4A728C0012B1BC250186"><enum>(B)</enum><text>the excess
of—</text>
<clause id="H189361565F9B495C90B194FC774E3689"><enum>(i)</enum><text>the sum of—</text>
<subclause id="H0AED7396987A425D892858EF969082B4"><enum>(I)</enum><text>the regular tax
liability (as defined in section 26(b)) for the taxable year,</text>
</subclause><subclause id="H0806AE313E434F4ABCB462A3A0F3E248"><enum>(II)</enum><text>the tax imposed
by section 55 for the taxable year, plus</text>
</subclause><subclause id="HD79C3D39377C4E2787C1F73E585DB142"><enum>(III)</enum><text>the payroll tax
for the taxable year, over</text>
</subclause></clause><clause id="HE52BCA03A9834C32A9F48A197A77319F"><enum>(ii)</enum><text>the credits
allowable under part IV of subchapter A (other than sections 27(a), 31, and
34).</text>
</clause></subparagraph></paragraph></subsection><subsection id="H7F7FF37C23784DB4BF084F5FFB7D3737"><enum>(b)</enum><header>Tentative fair
share tax</header><text>For purposes of this section—</text>
<paragraph id="H611258A71C8C4D3C988F34ED17E4D7E3"><enum>(1)</enum><header>In
general</header><text>The tentative fair share tax for the taxable year is 30
percent of the excess of—</text>
<subparagraph id="HD4FF8D7A20B74A47AF7D27F5ACE3A476"><enum>(A)</enum><text>the adjusted gross
income of the taxpayer, over</text>
</subparagraph><subparagraph id="H0ACEC81421964293A3AE437CD2FC1CA6"><enum>(B)</enum><text>the modified
charitable contribution deduction for the taxable year.</text>
</subparagraph></paragraph><paragraph id="HBD69467357C54C0A9C0F45D05A29C408"><enum>(2)</enum><header>Modified
charitable contribution deduction</header><text>For purposes of paragraph
(1)—</text>
<subparagraph id="HBB21F7A6717D4592BE660F763D64E14A"><enum>(A)</enum><header>In
general</header><text>The modified charitable contribution deduction for any
taxable year is an amount equal to the amount which bears the same ratio to the
deduction allowable under section 170 (section 642(c) in the case of a trust or
estate) for such taxable year as—</text>
<clause id="HC065EEE66CE646249CD29409D2B91133"><enum>(i)</enum><text>the amount of
itemized deductions allowable under the regular tax (as defined in section 55)
for such taxable year, determined after the application of section 68, bears
to</text>
</clause><clause id="H81AD90DC9C4644CCB612A29F14C73CDD"><enum>(ii)</enum><text>such amount,
determined before the application of section 68.</text>
</clause></subparagraph><subparagraph id="H57B2E33F77464E73BD589A8C44F85E85"><enum>(B)</enum><header>Taxpayer must
itemize</header><text>In the case of any individual who does not elect to
itemize deductions for the taxable year, the modified charitable contribution
deduction shall be zero.</text>
</subparagraph></paragraph></subsection><subsection id="HCF074C43768140899B6C27D0B0FD6B4D"><enum>(c)</enum><header>High-Income
taxpayer</header><text>For purposes of this section—</text>
<paragraph id="HF6D52A8BB53D4234BD91FFCAEDC49230"><enum>(1)</enum><header>In
general</header><text>The term <quote>high-income taxpayer</quote> means, with
respect to any taxable year, any taxpayer (other than a corporation) with an
adjusted gross income for such taxable year in excess of $1,000,000 (50 percent
of such amount in the case of a married individual who files a separate
return).</text>
</paragraph><paragraph id="HFC868C64258B4BC2987CE0060B8ED99F"><enum>(2)</enum><header>Inflation
adjustment</header>
<subparagraph id="H2E27D194453548E7B796AE35FB98B692"><enum>(A)</enum><header>In
general</header><text>In the case of a taxable year beginning after 2014, the
$1,000,000 amount under paragraph (1) shall be increased by an amount equal
to—</text>
<clause id="HCBAC6B70AD82451A96661E533C6E78AC"><enum>(i)</enum><text>such dollar
amount, multiplied by</text>
</clause><clause id="HC93A566056FA448091DC1DFF6252010E"><enum>(ii)</enum><text>the
cost-of-living adjustment determined under section 1(f)(3) for the calendar
year in which the taxable year begins, determined by substituting
<quote>calendar year 2013</quote> for <quote>calendar year 1992</quote> in
subparagraph (B) thereof.</text>
</clause></subparagraph><subparagraph id="H96B5F8A0D79E47D5A050EC0065824197"><enum>(B)</enum><header>Rounding</header><text>If
any amount as adjusted under subparagraph (A) is not a multiple of $10,000,
such amount shall be rounded to the next lowest multiple of $10,000.</text>
</subparagraph></paragraph></subsection><subsection id="HC8724F0B8F0B4FC4903B4D3598E49C24"><enum>(d)</enum><header>Payroll
tax</header><text>For purposes of this section, the payroll tax for any taxable
year is an amount equal to the excess of—</text>
<paragraph id="HD245BCD4B69742ABB2F0A8BB3E1C1723"><enum>(1)</enum><text>the taxes imposed
on the taxpayer under sections 1401, 1411, 3101, 3201, and 3211(a) (to the
extent such taxes are attributable to the rate of tax in effect under section
3101) with respect to such taxable year or wages or compensation received
during the taxable year, over</text>
</paragraph><paragraph id="H2C046A2BE57B47349578C1FEB242439C"><enum>(2)</enum><text>the deduction
allowable under section 164(f) for such taxable year.</text>
</paragraph></subsection><subsection id="HEEF36A5958504649BEC1B8C9DA3C5B63"><enum>(e)</enum><header>Special rule for
estates and trusts</header><text>For purposes of this section, in the case of
an estate or trust, adjusted gross income shall be computed in the manner
described in section 67(e).</text>
</subsection><subsection id="H7AC81C04465148ACB2EE816686477822"><enum>(f)</enum><header>Not treated as
tax imposed by this chapter for certain purposes</header><text>The tax imposed
under this section shall not be treated as tax imposed by this chapter for
purposes of determining the amount of any credit under this chapter (other than
the credit allowed under section 27(a)) or for purposes of section
55.</text>
</subsection></section></part><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H3EDFE7C1AA8042A3A2F5B145D38B526C"><enum>(b)</enum><header>Conforming
amendment</header><text>Section 26(b)(2) of such Code is amended by
redesignating subparagraphs (C) through (X) as subparagraphs (D) through (Y),
respectively, and by inserting after subparagraph (B) the following new
subparagraph:</text>
<quoted-block id="HE58CE697A175401185424544B1A3D62B" style="OLC">
<subparagraph id="HCF3F3ECF268248F99CBC69F0D8F97B39"><enum>(C)</enum><text>section 59B
(relating to fair share
tax),</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HF68C10D3C87F4DDDAB4C6997C0ACDD95"><enum>(c)</enum><header>Clerical
amendment</header><text>The table of parts for subchapter A of chapter 1 of
such Code is amended by adding at the end the following new item:</text>
<quoted-block display-inline="no-display-inline" id="H6F8175B4B04F4E0EBC2060D89D4CC5E4" style="OLC">
<toc regeneration="no-regeneration">
<toc-entry level="section">Part VII—Fair Share Tax on High-Income
Taxpayers</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H0102F832379E45F381E848CF3F65D61A"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to taxable
years beginning after December 31, 2013.</text>
</subsection></section><enum>V</enum><header>SENSE
OF THE HOUSE</header>
<section id="H3A0D3BE6CE444155AEAC10FF2805DE6A"><enum>501.</enum><header>Sense of the
House on the need for a fair, balanced and bipartisan approach to long-term
deficit reduction</header>
<subsection id="H088C0B3F9D55459486A61F24E4D8F44E"><enum>(a)</enum><text>The House finds
that—</text>
<paragraph id="HA1D7F8CCEFAB4B4F89DBEED7B801B508"><enum>(1)</enum><text>every bipartisan
commission has recommended—and the majority of Americans agree—that we should
take a balanced, bipartisan approach to reducing the deficit that addresses
both revenue and spending; and</text>
</paragraph><paragraph id="H960460BAF8954D06A68D0EC44CFB01FA"><enum>(2)</enum><text>sequestration is a
meat-ax approach to deficit reduction that imposes deep and mindless cuts,
regardless of their impact on vital services and investments.</text>
</paragraph></subsection><subsection id="H5387AB852A024597A8D286D2F194FD17"><enum>(b)</enum><text>It is the sense of
the House that the Congress should replace the entire 10-year sequester
established by the Budget Control Act of 2011 with a balanced approach that
would increase revenues without increasing the tax burden on middle-income
Americans, and decrease long-term spending while maintaining the Medicare
guarantee, protecting Social Security and a strong social safety net, and
making strategic investments in education, science, research, and critical
infrastructure necessary to compete in the global economy.</text>
</subsection></section>