[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3059 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 3059

   To provide for retiree health care by allowing steel companies a 
          partial refund of net operating loss carryforwards.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 9, 2001

  Mrs. Jones of Ohio (for herself, Mr. Visclosky, Mr. Stupak, and Mr. 
   Toomey) introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To provide for retiree health care by allowing steel companies a 
          partial refund of net operating loss carryforwards.

    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 ``Retiree Health Assistance Act of 
2001''.

SEC. 2. PARTIAL REFUND OF CERTAIN STEEL COMPANY NET OPERATING LOSS 
              CARRYFORWARDS.

    (a) In General.--If any eligible taxpayer makes an election under 
this section, such taxpayer shall be treated as having made a payment 
of the tax imposed by chapter 1 of the Internal Revenue Code of 1986 
for each taxable year ending after December 31, 2001, in an amount 
equal to the qualified direct cost (as defined in section 419(c)(3)) 
for the preceding taxable year of post-retirement medical and life 
insurance benefits provided by the taxpayer.
    (b) Limitation.--The amount treated as paid under subsection (a) 
for any taxable year shall not exceed the excess (if any) of--
            (1) 35 percent of the taxpayer's existing qualified 
        carryovers, over
            (2) the aggregate amount treated as paid under subsection 
        (a) for all prior taxable years.
    (c) Eligible Taxpayer.--For purposes of this section, the term 
``eligible taxpayer'' means any taxpayer whose principal trade or 
business for the taxpayer's first taxable year ending after December 
31, 2001, is the production of steel from raw materials.
    (d) Existing Qualified Carryovers.--For purposes of this section, 
the term ``existing qualified carryovers'' means the aggregate of the 
amounts which are net operating loss carryovers under section 172(b) of 
the Internal Revenue Code of 1986 to the taxpayer's first taxable year 
ending after December 31, 2001, to the extent such carryovers are 
attributable to net operating losses arising in taxable years beginning 
before January 1, 1996, and for which the taxpayer's principal trade or 
business was the production of steel from raw materials.
    (e) Special Rules.--
            (1) Reduction in carryovers.--If a taxpayer elects the 
        application of this section, such taxpayer's existing qualified 
        carryovers shall be reduced to zero.
            (2) Election.--An election under this section may be made 
        only on or before the due date (including extensions) for 
        filing the return of tax imposed by chapter 1 of the Internal 
        Revenue Code of 1986 for the taxpayer's first taxable year 
        ending after December 31, 2001. Such an election, once made, 
        shall be irrevocable.
                                 <all>