S.Amdt. 1831

1. Adds SEC. __. REVENUE PROVISIONS wherever appropriate

   Adds a section

   Inserted: SEC. __. REVENUE PROVISIONS.

   Inserted: (a) Reversal of Acceleration of Reduction in Highest Income Tax Rate.--

   Inserted: (1) In general.--The table contained in paragraph (2) of section 1(i) (relating to reductions in rates after June 30, 2001) is amended to read as follows:

   Inserted: ------------------------------------------------------------------------The corresponding percentages shall be substituted for the following "In the case of taxable years percentages:

   Inserted: beginning during calendar year: --------------------------------------28% 31% 36% 39.6% 2001............................. 27.5% 30.5% 35.5% 39.1% 2002............................. 27.0% 30.0% 35.0% 38.6% 2003............................. 25.0% 28.0% 33.0% 35.0% 2004 and 2005.................... 25.0% 28.0% 33.0% 37.6% 2006 and thereafter.............. 25.0% 28.0% 33.0% 35.0%".

   Inserted: (2) Effective date.--The amendment made by this subsection shall apply to taxable years beginning after December 31, 2003.

   Inserted: (3) Application of egtrra sunset to this subsection.--The amendment made by this subsection shall be subject to title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 to the same extent and in the same manner as the provision of such Act to which such amendment relates.

   Inserted: (b) Temporary Suspension of Reduction in Capital Gains Rates for Individuals.--

   Inserted: (1) In general.--Subsection (d) of section 301 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 is amended to read as follows:

   Inserted: "(d) Effective Dates.--

   Inserted: "(1) In general.--Except as otherwise provided by this subsection, the amendments made by this section shall apply to taxable years--

   Inserted: "(A) ending on or after May 6, 2003, and beginning before January 1, 2004, and

   Show 16 more inserted paragraphsShow less

   Inserted: "(B) beginning after December 31, 2006.

   Inserted: "(2) Withholding.--The amendment made by subsection (a)(2)(C) shall apply to amounts paid after the date of the enactment of this Act, but only with respect to taxable years described in paragraph (1).

   Inserted: "(3) Small business stock.--The amendments made by subsection (b)(3) shall apply to dispositions--

   Inserted: "(A) on or after May 6, 2003, and before January 1, 2004, and

   Inserted: "(B) after December 31, 2006.".

   Inserted: (2) Application of jgtrra sunset to this subsection.--The amendment made by this subsection shall be subject to section 303 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 to the same extent and in the same manner as the provision of such Act to which such amendment relates.

   Inserted: (c) Temporary Suspension of Taxation of Dividends at Capital Gains Rates.--

   Inserted: (1) In general.--Subsection (f) of section 302 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 is amended to read as follows:

   Inserted: "(f) Effective Date.--

   Inserted: "(1) In general.--Except as provided in paragraph (2), the amendments made by this section shall apply to taxable years--

   Inserted: "(A) beginning after December 31, 2002, and before January 1, 2004, and

   Inserted: "(B) beginning after December 31, 2006.

   Inserted: "(2) Regulated investment companies and real estate investment trusts.--In the case of a regulated investment company or a real estate investment trust, the amendments made by this section shall apply to taxable years described is paragraph (1); except that dividends received by such a company or trust--

   Inserted: "(A) before January 1, 2003, and

   Inserted: "(B) after December 31, 2003, and before January 1, 2007, shall not be treated as qualified dividend income (as defined in section 1(h)(11)(B) of the Internal Revenue Code of 1986, as added by this Act).".

   Inserted: (2) Application of jgtrra sunset to this subsection.--The amendment made by this subsection shall be subject to section 303 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 to the same extent and in the same manner as the provision of such Act to which such amendment relates.

   The amendment doesn't say where this goes; the clerk decides.

   Original wording

   At the appropriate place insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed