HR 699 113th Congress House Economics and Public Finance Accounting and auditing Agricultural prices, subsidies, credit Budget deficits and national debt Competitiveness, trade promotion, trade deficits Corporate finance and management Education programs funding Employment taxes Foreign and international corporations Income tax credits Income tax deductions Income tax rates Inflation and prices Infrastructure development Medicare Oil and gas Research administration and funding Social security and elderly assistance Taxation of foreign income Veterans' education, employment, rehabilitation

Stop the Sequester Job Loss Now Act

Introduced: February 14, 2013 Introduced by: Van Hollen, Chris Democratic · Maryland See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 1, 2013

Referred to the Subcommittee on General Farm Commodities and Risk Management.

Feb 14, 2013

Referred to the Committee on Ways and Means, and in addition to the Committees on the Budget, and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Feb 14, 2013

Introduced in House

Plain-English summary Congressional Research Service

Stop the Sequester Job Loss Now Act - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to repeal the FY2013 sequester and reduce the FY2014 sequester.

Eliminates the 2% maximum permissible reduction in budget authority for veterans' medical care.

Extends through FY2014 agricultural commodity programs generally under the Food, Conservation, and Energy Act of 2008, but not the direct payment programs for wheat, corn, grain sorghum, barley, oats, upland cotton, long and medium grain rice, soybeans, other oilseeds, and peanuts.

Amends the Internal Revenue Code, with respect to deductions from income, to set a special rule that a major integrated oil company's domestic production gross receipts shall not include any gross receipts from the production, refining, processing, transportation, or distribution of oil, natural gas, or any of their primary products.

Prohibits a major integrated oil company from using the last-in, first-out (LIFO) accounting method in inventorying goods.

Prescribes a special rule to limit the foreign tax credit and tax deferrals for amounts paid or accrued by a major integrated oil company that is a dual capacity taxpayer (a person subject to a levy of a foreign country or U.S. possession and receives, or will receive, directly or indirectly a specific economic benefit from such county or possession).

Requires an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum (fair share) tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year.

Declares that it is the sense of the House that Congress should replace the entire 10-year sequester established by the Budget Control Act of 2011 with a balanced approach that would: (1) increase revenues without increasing the tax burden on middle-income Americans; and (2) decrease long-term spending while maintaining the Medicare guarantee, protecting Social Security and a strong social safety net, and making strategic investments in education, science, research, and critical infrastructure necessary to compete in the global economy.

What's happening now March 1, 2013

Referred to the Subcommittee on General Farm Commodities and Risk Management.

Committees of jurisdiction 4