[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4973 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 4973

     To amend the Internal Revenue Code of 1986 to provide a work 
 opportunity tax credit for the older long-term unemployed recipient, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 15, 2016

 Mrs. Watson Coleman introduced the following bill; which was referred 
                   to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
     To amend the Internal Revenue Code of 1986 to provide a work 
 opportunity tax credit for the older long-term unemployed recipient, 
                        and for other purposes.

    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 ``Investing in Older Americans Act of 
2016''.

SEC. 2. EXTENSION AND MODIFICATION OF WORK OPPORTUNITY TAX CREDIT.

    (a) Credit Made Permanent.--Section 51(c) of the Internal Revenue 
Code of 1986 is amended by striking paragraph (4) and redesignating 
paragraph (5) as paragraph (4).
    (b) Credit for Hiring Older Long-Term Unemployment Recipients.--
            (1) In general.--Section 51(d)(1) of such Code is amended 
        by striking ``or'' at the end of subparagraph (H), by striking 
        the period at the end of subparagraph (I) and inserting ``, 
        or'', and by adding at the end the following new subparagraph:
                    ``(J) a qualified older long-term unemployment 
                recipient.''.
            (2) Qualified older long-term unemployment recipient.--
        Section 51(d) of such Code is amended by adding at the end the 
        following new paragraph:
            ``(15) Qualified older long-term unemployment recipient.--
        The term `qualified older long-term unemployment recipient' 
        means any individual who is certified by the designated local 
        agency--
                    ``(A) as having attained age 55 on the hiring date, 
                and
                    ``(B) as being a qualified long-term unemployment 
                recipient.''.
            (3) Limitation on wages taken into account.--Section 
        51(b)(3) of such Code is amended--
                    (A) by striking ``subsection (d)(3)(A)(iv), and'' 
                and inserting ``subsection (d)(3)(A)(iv),'', and
                    (B) by striking ``subsection (d)(3)(A)(ii)(II))'' 
                and inserting ``subsection (d)(3)(A)(ii)(II), and 
                $14,000 in the case of any individual who is a 
                qualified older long-term unemployment recipient by 
                reason of subsection (d)(15))''.
            (4) Inflation adjustment.--Section 51(b) of such Code is 
        amended by adding at the end the following:
            ``(4) Adjustment for inflation.--In the case of any taxable 
        year beginning after 2016, the $14,000 dollar amount contained 
        in paragraph (3) relating to qualified older long-term 
        unemployment recipients shall be increased by an amount equal 
        to the product of--
                    ``(A) such dollar amount, and
                    ``(B) the cost of living adjustment determined 
                under section 1(f)(3) for the calendar year in which 
                the taxable year begins determined by substituting 
                `calendar year 2015' for `calendar year 1992' in 
                subparagraph (B) thereof.
        If any increase determined under the preceding sentence is not 
        a multiple of $50, such increase shall be rounded to the next 
        lowest multiple of $50.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to individuals who begin work for the employer after December 31, 
2015.
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