[Congressional Record Volume 161, Number 118 (Sunday, July 26, 2015)]
[Senate]
[Pages S5739-S5740]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 2412. Mr. REED (for himself, Ms. Warren, and Mr. Brown) submitted
an amendment intended to be proposed by him to the bill H.R. 22, to
amend the Internal Revenue Code of 1986 to exempt employees with health
coverage under TRICARE or the Veterans Administration from being taken
into account for purposes of determining the employers to which the
employer mandate applies under the Patient Protection and Affordable
Care Act; which was ordered to lie on the table; as follows:
At the end of division E, insert the following:
TITLE LIII--ADDITIONAL FUNDING
SEC. 53301. INCREASE IN FUNDING FOR HIGHWAY TRUST FUND.
(a) In General.--Section 9503(f)(7) of the Internal Revenue
Code of 1986, as added by section 52101, is further amended--
(1) by striking ``$34,600,000,000'' in subparagraph (A) and
inserting ``$78,840,000,000'', and
(2) by striking ``$11,015,000,000'' in subparagraph (B) and
inserting ``$22,075,000,000''.
(b) Offset.--
(1) Application of denial of deduction for excessive
remuneration to all current and former employees.--
(A) In general.--Section 162(m) of the Internal Revenue
Code of 1986 is amended--
(i) by striking ``covered employee'' each place it appears
in paragraphs (1) and (4) and inserting ``covered
individual'', and
(ii) by striking ``such employee'' each place it appears in
subparagraphs (A) and (G) of paragraph (4) and inserting
``such individual''.
(B) Covered individual.--Paragraph (3) of section 162(m) of
such Code is amended to read as follows:
``(3) Covered individual.--For purposes of this subsection,
the term `covered individual' means any individual who is an
officer, director, or employee of the taxpayer or a former
officer, director, or employee of the taxpayer.''.
(C) Conforming amendments.--
(i) Section 48D(b)(3)(A) of such Code is amended by
inserting ``(as in effect for taxable years beginning before
January 1, 2015)'' after ``section 162(m)(3)''.
(ii) Section 409A(b)(3)(D)(ii) of such Code is amended by
inserting ``(as in effect for taxable years beginning before
January 1, 2015)'' after ``section 162(m)(3)''.
(2) Expansion of applicable employee remuneration.--
(A) Elimination of exception for commission-based pay.--
(i) In general.--Paragraph (4) of section 162(m) of the
Internal Revenue Code of 1986, as amended by paragraph (1),
is amended by striking subparagraph (B) and by redesignating
subparagraphs (C) through (G) as subparagraphs (B) through
(F), respectively.
(ii) Conforming amendments.--
(I) Section 162(m)(5) of such Code is amended--
(aa) by striking ``subparagraphs (B), (C), and (D)
thereof'' in subparagraph (E) and inserting ``subparagraphs
(B) and (C) thereof'', and
(bb) by striking ``subparagraphs (F) and (G)'' in
subparagraph (G) and inserting ``subparagraphs (E) and (F)''.
(II) Section 162(m)(6) of such Code is amended--
(aa) by striking ``subparagraphs (B), (C), and (D)
thereof'' in subparagraph (D) and inserting ``subparagraphs
(B) and (C) thereof'', and
(bb) by striking ``subparagraphs (F) and (G)'' in
subparagraph (G) and inserting ``subparagraphs (E) and (F)''.
(B) Inclusion of performance-based compensation.--
(i) In general.--Paragraph (4) of section 162(m) of the
Internal Revenue Code of 1986, as amended by paragraph (1)
and subparagraph (A) of this paragraph, is amended by
striking subparagraph (B) and redesignating subparagraphs (C)
through (F) as subparagraphs (B) through (E), respectively.
(ii) Conforming amendments.--
(I) Section 162(m)(5) of such Code, as amended by
subparagraph (A), is amended--
(aa) by striking ``subparagraphs (B) and (C) thereof'' in
subparagraph (E) and inserting ``subparagraph (B) thereof'',
and
(bb) by striking ``subparagraphs (E) and (F)'' in
subparagraph (G) and inserting ``subparagraphs (D) and (E)''.
(II) Section 162(m)(6) of such Code, as amended by
subparagraph (A), is amended--
(aa) by striking ``subparagraphs (B) and (C) thereof'' in
subparagraph (D) and inserting ``subparagraph (B) thereof'',
and
(bb) by striking ``subparagraphs (E) and (F)'' in
subparagraph (G) and inserting ``subparagraphs (D) and (E)''.
[[Page S5740]]
(3) Expansion of applicable employer.--Paragraph (2) of
section 162(m) of the Internal Revenue Code of 1986 is
amended to read as follows:
``(2) Publicly held corporation.--For purposes of this
subsection, the term `publicly held corporation' means any
corporation which is an issuer (as defined in section 3 of
the Securities Exchange Act of 1934 (15 U.S.C. 78c))--
``(A) the securities of which are registered under section
12 of such Act (15 U.S.C. 78l), or
``(B) that is required to file reports under section 15(d)
of such Act (15 U.S.C. 780(d)).''.
(4) Regulatory authority.--
(A) In general.--Section 162(m) of the Internal Revenue
Code of 1986 is amended by adding at the end the following
new paragraph:
``(7) Regulations.--The Secretary may prescribe such
guidance, rules, or regulations, including with respect to
reporting, as are necessary to carry out the purposes of this
subsection.''.
(B) Conforming amendment.--Paragraph (6) of section 162(m)
of such Code is amended by striking subparagraph (H).
(5) Effective date.--The amendments made by this subsection
shall apply to taxable years beginning after December 31,
2015.
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