[Congressional Record Volume 161, Number 118 (Sunday, July 26, 2015)]
[Senate]
[Pages S5890-S5891]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 2522. Mr. THUNE 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 appropriate place, insert the following:
SEC. _____. EXTENSION AND EXPANSION OF CHARITABLE DEDUCTION
FOR CONTRIBUTIONS OF FOOD INVENTORY.
(a) Permanent Extension.--Section 170(e)(3)(C) of the
Internal Revenue Code of 1986 is amended by striking clause
(iv).
(b) Increase in Limitation.--Section 170(e)(3)(C) of the
Internal Revenue Code of 1986, as amended by subsection (a),
is amended by striking clause (ii), by redesignating clause
(iii) as clause (iv), and by inserting after clause (i) the
following new clauses:
``(ii) Limitation.--The aggregate amount of such
contributions for any taxable year which may be taken into
account under this section shall not exceed--
``(I) in the case of any taxpayer other than a C
corporation, 15 percent of the taxpayer's aggregate net
income for such taxable year from all trades or businesses
from which such contributions were made for such year,
computed without regard to this section, and
``(II) in the case of a C corporation, 15 percent of
taxable income (as defined in subsection (b)(2)(D)).
``(iii) Rules related to limitation.--
``(I) Carryover.--If such aggregate amount exceeds the
limitation imposed under clause (ii), such excess shall be
treated (in a manner consistent with the rules of subsection
(d)) as a charitable contribution described in clause (i) in
each of the 5 succeeding years in order of time.
``(II) Coordination with overall corporate limitation.--In
the case of any charitable contribution allowable under
clause (ii)(II), subsection (b)(2)(A) shall not apply to such
contribution, but the limitation imposed by such subsection
shall be reduced (but not below zero) by the aggregate amount
of such contributions. For purposes of subsection (b)(2)(B),
such contributions shall be treated as allowable under
subsection (b)(2)(A).''.
(c) Determination of Basis for Certain Taxpayers.--Section
170(e)(3)(C) of the Internal Revenue Code of 1986, as amended
by subsections (a) and (b), is amended by adding at the end
the following new clause:
``(v) Determination of basis for certain taxpayers.--If a
taxpayer--
``(I) does not account for inventories under section 471,
and
``(II) is not required to capitalize indirect costs under
section 263A,
the taxpayer may elect, solely for purposes of subparagraph
(B), to treat the basis of any apparently wholesome food as
being equal to 25 percent of the fair market value of such
food.''.
(d) Determination of Fair Market Value.--Section
170(e)(3)(C) of the Internal Revenue Code of 1986, as amended
by subsections (a), (b), and (c), is amended by adding at the
end the following new clause:
``(vi) Determination of fair market value.--In the case of
any such contribution of apparently wholesome food which
cannot or will not be sold solely by reason of internal
standards of the taxpayer, lack of market, or similar
circumstances, or by reason of being produced by the taxpayer
exclusively for the purposes of transferring the food to an
organization described in subparagraph (A), the fair market
value of such contribution shall be determined--
``(I) without regard to such internal standards, such lack
of market, such circumstances, or such exclusive purpose, and
``(II) by taking into account the price at which the same
or substantially the same food items (as to both type and
quality) are sold by the taxpayer at the time of the
contribution (or, if not so sold at such time, in the recent
past).''.
(e) Effective Date.--
(1) In general.--Except as otherwise provided in this
subsection, the amendments made by this section shall apply
to contributions made after December 31, 2014, in taxable
years ending after such date.
(2) Limitation; applicability to c corporations.--The
amendments made by subsection (b) shall apply to
contributions made in taxable years beginning after December
31, 2014.
SEC. _____. RULE ALLOWING CERTAIN TAX-FREE DISTRIBUTIONS FROM
INDIVIDUAL RETIREMENTS ACCOUNTS FOR CHARITABLE
PURPOSES MADE PERMANENT.
(a) In General.--Section 408(d)(8) of the Internal Revenue
Code of 1986 is amended by striking subparagraph (F).
(b) Effective Date.--The amendment made by this section
shall apply to distributions made in taxable years beginning
after December 31, 2014.
SEC. _____. SPECIAL RULE FOR QUALIFIED CONSERVATION
CONTRIBUTIONS MODIFIED AND MADE PERMANENT.
(a) Made Permanent.--
(1) Individuals.--Subparagraph (E) of section 170(b)(1) of
the Internal Revenue Code of 1986 is amended by striking
clause (vi).
(2) Corporations.--Subparagraph (B) of section 170(b)(2) of
such Code is amended by striking clause (iii).
(b) Contributions of Capital Gain Real Property Made for
Conservation Purposes by Native Corporations.--
(1) In general.--Paragraph (2) of section 170(b) of the
Internal Revenue Code of 1986 is amended by redesignating
subparagraph (C) as subparagraph (D), and by inserting after
subparagraph (B) the following new subparagraph:
``(C) Qualified conservation contributions by certain
native corporations.--
``(i) In general.--Any qualified conservation contribution
(as defined in subsection (h)(1)) which--
``(I) is made by a Native Corporation, and
``(II) is a contribution of property which was land
conveyed under the Alaska Native Claims Settlement Act,
shall be allowed to the extent that the aggregate amount of
such contributions does not exceed the excess of the
taxpayer's taxable income over the amount of charitable
contributions allowable under subparagraph (A).
``(ii) Carryover.--If the aggregate amount of contributions
described in clause (i) exceeds the limitation of clause (i),
such excess shall be treated (in a manner consistent with the
rules of subsection (d)(2)) as a charitable contribution to
which clause (i) applies in each of the 15 succeeding years
in order of time.
``(iii) Native corporation.--For purposes of this
subparagraph, the term `Native Corporation' has the meaning
given such term by section 3(m) of the Alaska Native Claims
Settlement Act.''.
(2) Conforming amendment.--Section 170(b)(2)(A) of such
Code is amended by striking ``subparagraph (B) applies'' and
inserting ``subparagraph (B) or (C) applies''.
(3) Valid existing rights preserved.--Nothing in this
subsection (or any amendment made by this subsection) shall
be construed to modify the existing property rights validly
conveyed to Native Corporations (within the meaning of
section 3(m) of the Alaska Native Claims Settlement Act)
under such Act.
(c) Effective Date.--The amendments made by this section
shall apply to contributions made in taxable years beginning
after December 31, 2014.
SEC. _____. EXTENSION OF TIME FOR MAKING CHARITABLE
CONTRIBUTIONS.
(a) In General.--Subsection (a) of section 170 of the
Internal Revenue Code of 1986 is amended by redesignating
paragraphs (2) and (3) as paragraphs (3) and (4),
respectively, and by inserting after paragraph (1) the
following new paragraph:
``(2) Treatment of charitable contributions made by
individuals before due date of return.--If any charitable
contribution is made by an individual after the close of a
taxable year but not later than the due date (determined
without regard to extensions) for the return of tax for such
taxable year, then the taxpayer may elect to treat such
charitable contribution as made in such taxable year. Such
election shall be made at such time and in such manner as the
Secretary may provide. For purposes of this paragraph, an
individual's distributive share of a partnership's charitable
contribution, and an individual's pro rata share of an S
corporation's charitable contribution, shall not be treated
as charitable contributions made by such individual.''.
(b) Effective Date.--The amendments made by this section
shall apply to elections made with respect to taxable years
beginning after December 31, 2014.
SEC. _____. MODIFICATION OF THE TAX RATE FOR THE EXCISE TAX
ON INVESTMENT INCOME OF PRIVATE FOUNDATIONS.
(a) In General.--Section 4940(a) of the Internal Revenue
Code of 1986 is amended by striking ``2 percent'' and
inserting ``1 percent''.
(b) Elimination of Reduced Tax Where Foundation Meets
Certain Distribution Requirements.--Section 4940 of the
Internal Revenue Code of 1986 is amended by striking
subsection (e).
(c) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after the date of the
enactment of this Act.
[[Page S5891]]
SA 2523. Mr. THUNE (for himself and Mr. Wyden) 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 appropriate place, insert the following:
SEC. _____. PERMANENT MORATORIUM ON INTERNET ACCESS TAXES AND
MULTIPLE AND DISCRIMINATORY TAXES ON ELECTRONIC
COMMERCE.
(a) In General.--Section 1101(a) of the Internet Tax
Freedom Act (47 U.S.C. 151 note), as amended by section 624
of the Consolidated and Further Continuing Appropriations
Act, 2015 (Public Law 113-235), is amended by striking
``during the period beginning November 1, 2003, and ending
October 1, 2015''.
(b) Effective Date.--The amendment made by this section
shall apply to taxes imposed after the date of the enactment
of this Act.
______