3.0.0 277 2022-11-15T16:35:11Z 2022-11-15T16:35:11Z Senate S S 2013-02-11 113 ssfi00 Finance Committee Senate Standing Referred to 2013-02-11T21:43:41Z Narrowing Exceptions for Withholding Taxes Act of 2013 113 348 HR 2013-01-22 Referred to the House Committee on Ways and Means. Related bill CRS Stop the Sequester Job Loss Now Act 113 699 HR 2013-03-01 Referred to the Subcommittee on General Farm Commodities and Risk Management. Related bill CRS Paying a Fair Share Act of 2013 113 766 HR 2013-02-15 Referred to the House Committee on Ways and Means. Related bill CRS Wall Street Trading and Speculators Tax Act 113 880 HR 2013-02-28 Referred to the House Committee on Ways and Means. Related bill CRS Offshoring Prevention Act 113 1086 HR 2013-03-12 Referred to the House Committee on Ways and Means. Related bill CRS End Welfare for Big Oil Act of 2013 113 2956 HR 2013-08-09 Referred to the Subcommittee on Energy and Mineral Resources. Related bill CRS Job Preservation and Sequester Replacement Act of 2013 113 278 S 2013-02-11 Read twice and referred to the Committee on Finance. Related bill CRS Close Big Oil Tax Loopholes Act 113 307 S 2013-02-13 Read twice and referred to the Committee on Finance. Related bill CRS Paying a Fair Share Act of 2013 113 321 S 2013-02-13 Read twice and referred to the Committee on Finance. Related bill CRS Wall Street Trading and Speculators Tax Act 113 410 S 2013-02-28 Read twice and referred to the Committee on Finance. Related bill CRS Offshoring Prevention Act 113 561 S 2013-03-14 Read twice and referred to the Committee on Finance. Related bill CRS IDEA Full Funding Act 113 2789 S 2014-09-10 Read twice and referred to the Committee on Finance. Related bill CRS 2013-02-11 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2013-02-11 Introduced in Senate IntroReferral 10000 9 Library of Congress W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI N H000206 Sen. Harkin, Tom [D-IA] THOMAS HARKIN D IA RICHARD 2013-02-11 True S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2013-02-11 True L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON 2013-02-11 True Taxation Accounting and auditing Aviation and airports Budget deficits and national debt Budget process Business investment and capital Commodities markets Corporate finance and management Defense spending Employee benefits and pensions Employment taxes Energy revenues and royalties Financial crises and stabilization Foreign and international corporations Income tax credits Income tax deductions Income tax rates Manufacturing Marine and coastal resources, fisheries Oil and gas Research and development Securities Self-employed Service industries Small business Social work, volunteer service, charitable organizations Tax administration and collection, taxpayers Taxation of foreign income User charges and fees Wages and earnings Taxation 00 2013-02-11 Introduced in Senate 2013-04-05T15:31:44Z Job Preservation and Economic Certainty Act of 2013 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to revise discretionary spending limits for FY2012-FY2021. Repeals the requirement that the President order a sequestration for FY2013.

Amends the Internal Revenue Code to: (1) require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year; (2) require a shareholder of a subchapter S corporation engaged in a professional service business to include all items of income or loss attributable to such business in determining such shareholder's net earnings from self-employment for purposes of computing employment tax liability; (3) increase the recovery period for the depreciation of general aviation aircraft; (4) limit itemized deductions for taxpayers whose adjusted gross income exceeds $200,000 ($250,000 for joint returns of married individuals); (5) include in foreign base company income, for purposes of determining the foreign trade income of controlled foreign corporations, imported property income; (6) limit the employer tax deduction for stock options granted to its employees to the value of such options as recorded on the employer's books at the time such options are granted; (7) apply the $1 million limitation on the employer tax deduction for employee remuneration to stock option compensation; and (8) repeal the last-in, first-out (LIFO) and the lower of cost or market methods of valuing inventory.

Limits or repeals certain tax benefits for major integrated oil companies, including: (1) the foreign tax credit for companies that are dual capacity taxpayers; (2) the tax deduction for income attributable to the production, refining, processing, transportation, or distribution of oil, natural gas, or primary products thereof; (3) the tax deduction for intangible drilling and development costs; (4) the percentage depletion allowance for oil and gas wells; and (5) the tax deduction for qualified tertiary injectant expenses.

Amends the Energy Policy Act of 2005 to repeal royalty relief for: (1) natural gas production from deep wells in shallow waters of the Gulf of Mexico, and (2) deep water oil and gas production in the Western and Central Planning Area of the Gulf (including a portion of the Eastern Planning Area).

Imposes new restrictions on U.S. corporations and other entities with foreign income with respect to: (1) tax deductions allocable to deferred foreign income, (2) the recalculation of foreign income taxes, (3) intangible property transferred overseas, (4) the limit on the foreign tax credit for dual capacity taxpayers, and (5) the treatment of taxes paid on foreign oil and gas income for purposes of the foreign tax credit.

Directs the Secretary of the Treasury to assess a risk-based Financial Crisis Responsibility Fee in the total amount of $30 billion to recover assistance provided to financial institutions through the Troubled Asset Relief Program (TARP) and other federal programs.

Amends the Internal Revenue Code to impose a .03% excise tax on the purchase of a security if: (1) such purchase occurs or is cleared on a trading facility located in the United States, or (2) the purchaser or seller is a U.S. person.

]]> Job Preservation and Economic Certainty Act of 2013 Display Title Job Preservation and Economic Certainty Act of 2013 Short Titles as Introduced Job Preservation and Economic Certainty Act of 2013 Official Title as Introduced A bill to replace the Budget Control Act sequester by eliminating tax loopholes, and for other purposes. Introduced in Senate 2013-02-11T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s277is/xml/BILLS-113s277is.xml 2013-02-11 Read twice and referred to the Committee on Finance. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.