[Congressional Record Volume 161, Number 118 (Sunday, July 26, 2015)]
[Senate]
[Page S5740]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 2413. Mr. REED (for himself 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:
Strike title LII and insert the following:
TITLE LII--OFFSETS
SEC. 52101. EXPANSION OF DENIAL OF DEDUCTION FOR CERTAIN
EXCESSIVE EMPLOYEE REMUNERATION.
(a) Application to All Current and Former Employees.--
(1) In general.--Section 162(m) of the Internal Revenue
Code of 1986 is amended--
(A) by striking ``covered employee'' each place it appears
in paragraphs (1) and (4) and inserting ``covered
individual'', and
(B) by striking ``such employee'' each place it appears in
subparagraphs (A) and (G) of paragraph (4) and inserting
``such individual''.
(2) 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.''.
(3) Conforming amendments.--
(A) 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)''.
(B) 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)''.
(b) Expansion of Applicable Employee Remuneration.--
(1) Elimination of exception for commission-based pay.--
(A) In general.--Paragraph (4) of section 162(m) of such
Code, as amended by subsection (a), is amended by striking
subparagraph (B) and by redesignating subparagraphs (C)
through (G) as subparagraphs (B) through (F), respectively.
(B) Conforming amendments.--
(i) Section 162(m)(5) of such Code is amended--
(I) by striking ``subparagraphs (B), (C), and (D) thereof''
in subparagraph (E) and inserting ``subparagraphs (B) and (C)
thereof'', and
(II) 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--
(I) by striking ``subparagraphs (B), (C), and (D) thereof''
in subparagraph (D) and inserting ``subparagraphs (B) and (C)
thereof'', and
(II) by striking ``subparagraphs (F) and (G)'' in
subparagraph (G) and inserting ``subparagraphs (E) and (F)''.
(2) Inclusion of performance-based compensation.--
(A) In general.--Paragraph (4) of section 162(m) of the
Internal Revenue Code of 1986, as amended by subsection (a)
and paragraph (1) of this subsection, is amended by striking
subparagraph (B) and redesignating subparagraphs (C) through
(F) as subparagraphs (B) through (E), respectively.
(B) Conforming amendments.--
(i) Section 162(m)(5) of such Code, as amended by paragraph
(1), is amended--
(I) by striking ``subparagraphs (B) and (C) thereof'' in
subparagraph (E) and inserting ``subparagraph (B) thereof'',
and
(II) 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
paragraph (1), is amended--
(I) by striking ``subparagraphs (B) and (C) thereof'' in
subparagraph (D) and inserting ``subparagraph (B) thereof'',
and
(II) by striking ``subparagraphs (E) and (F)'' in
subparagraph (G) and inserting ``subparagraphs (D) and (E)''.
(c) 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)).''.
(d) Regulatory Authority.--
(1) 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.''.
(2) Conforming amendment.--Paragraph (6) of section 162(m)
of such Code is amended by striking subparagraph (H).
(e) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2015.
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