S.Amdt. 2642

SA 2642. Mrs. LINCOLN submitted an amendment intended to be proposed by her to the bill S. 1637, to amend the Internal Revenue Code of 1986 to comply with the World Trade Organization rulings on the FSC/ETI benefit in a manner that preserves jobs and production activities in the United States, to reform and simplify the international taxation rules of the United States, and for other purposes; which was ordered to lie on the table; as follows:

On page 179, after line 25, add the following:

SEC. __. RESTORATION OF EXCLUSION FOR AMOUNTS RECEIVED UNDER QUALIFIED GROUP LEGAL SERVICES PLANS.

(a) Increase of Exclusion.--Subsection (a) of section 120 (relating to exclusion by employee for contributions and legal services) is amended by striking the last sentence thereof.

(b) Restoration of Exclusion.--Section 120 is amended by striking subsection (e) and by redesignating subsection (f) as subsection (e).

(c) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2004, and before December 31, 2009.