S.Amdt. 3125

SA 3125. Mr. DASCHLE submitted an amendment intended to be proposed by him 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 557, between lines 9 and 10, insert the following:

SEC. __. MODIFICATION OF EXEMPTION FROM SELF-EMPLOYMENT TAX FOR CERTAIN TERMINATION PAYMENTS RECEIVED BY FORMER INSURANCE SALESMEN.

(a) Internal Revenue Code.--Paragraph (4) of section 1402(k) of the Internal Revenue Code of 1986 (relating to codification of treatment of certain termination payments received by former insurance salesmen) is amended--

(1) by striking “during the last year of such agreement” in subparagraph (A), and

(2) by striking “length of service or” in subparagraph (B).

(b) Social Security Act.--Paragraph (4) of section 211(j) of the Social Security Act is amended--

(1) by striking “during the last year of such agreement” in subparagraph (A), and

(2) by striking “length of service or” in subparagraph (B).

(c) Effective Date.--The amendments made by this section shall apply to payments after the date of the enactment of this Act.