[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4275 Placed on Calendar Senate (PCS)]

                                                       Calendar No. 518
108th CONGRESS
  2d Session
                                H. R. 4275


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 17, 2004

                    Received and read the first time

                              May 18, 2004

            Read the second time and placed on the calendar

_______________________________________________________________________

                                 AN ACT


 
 To amend the Internal Revenue Code of 1986 to permanently extend the 
             10-percent individual income tax rate bracket.

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

SECTION 1. EXTENSION OF 10-PERCENT INDIVIDUAL INCOME TAX RATE BRACKET.

    (a) In General.--Clause (i) of section 1(i)(1)(B) of the Internal 
Revenue Code of 1986 (relating to the initial bracket amount) is 
amended to read as follows:
                            ``(i) $14,000 in the case of subsection 
                        (a),''.
    (b) Inflation Adjustment Beginning in 2004.--Section 1(i)(1)(C) of 
such Code (relating to inflation adjustment) is amended to read as 
follows:
                    ``(C) Inflation adjustment.--In prescribing the 
                tables under subsection (f) which apply with respect to 
                taxable years beginning in calendar years after 2003--
                            ``(i) the cost-of-living adjustment used in 
                        making adjustments to the initial bracket 
                        amount shall be determined under subsection 
                        (f)(3) by substituting `2002' for `1992' in 
                        subparagraph (B) thereof, and
                            ``(ii) such adjustment shall not apply to 
                        the amount referred to in subparagraph 
                        (B)(iii).
                If any amount after adjustment under the preceding 
                sentence is not a multiple of $50, such amount shall be 
                rounded to the next lowest multiple of $50.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2003.

SEC. 2. REPEAL OF SUNSET.

    Title IX of the Economic Growth and Tax Relief Reconciliation Act 
of 2001 shall not apply to--
                    (1) paragraph (1) of section 1(i) of the Internal 
                Revenue Code of 1986, and
                    (2) the amendments made by paragraphs (1) and (7) 
                of section 101(c) of such Act.

            Passed the House of Representatives May 13, 2004.

            Attest:

                                                 JEFF TRANDAHL,

                                                                 Clerk.




                                                       Calendar No. 518

108th CONGRESS

  2d Session

                               H. R. 4275

_______________________________________________________________________

                                 AN ACT

 To amend the Internal Revenue Code of 1986 to permanently extend the 
             10-percent individual income tax rate bracket.

_______________________________________________________________________

                              May 18, 2004

            Read the second time and placed on the calendar