To ensure that the limit on refundability shall not apply to the additional $400 child credit for 2003, to make the dividend exclusion effective for taxable years beginning in 2003, and to eliminate the increase in the dividend exclusion from 10 percent to 20 percent of dividends over $500.
What it does: 5 changes: strikes text in 3 places, replaces text, inserts text
Sen. Max Baucus (D-MT)What it changes
5 changes to S. 1054 · 2 shown in the bill's text
Change 1: Strikes “(20 percent in the case of taxable years beginning after 2007)”
In S. 1054 · Placed on Calendar Senate
"(2) Limitation.--Paragraph (1) shall apply to qualified dividend income of a taxpayer only to the extent such income does not exceed the sum of--
"(A) $500 ($250 in the case of a married individual filing a separate return), plus "(B) 10 percent
[struck: (20 percent in the case ]of[struck: taxable years beginning after 2007) of ]such income in excess of the amount applicable under subparagraph (A)."(b) Qualified Dividend Income.--For purposes of this subsection--
Original wording
On page 19, lines 12 and 13, strike “(20 percent in the case of taxable years beginning after 2007)”.
Change 2: Strikes “(80 percent in the case of taxable years beginning after 2007)”
Struck: (80 percent in the case of taxable years beginning after 2007)
Original wording
On page 26, lines 18 and 19, strike “(80 percent in the case of taxable years beginning after 2007)”.
Change 3: Strikes “(80 percent in the case of taxable years beginning after 2007)”
Struck: (80 percent in the case of taxable years beginning after 2007)
Original wording
On page 26, lines 21 and 22, strike “(80 percent in the case of taxable years beginning after 2007)”.
Change 4: Replaces “2003” with “2002”
[struck: 2003][inserted: 2002]Original wording
On page 27, line 19, strike “2003” and insert “2002”.
Change 5: Inserts new text at the end of subtitle C of title V
InsertsIn S. 1054 · Placed on Calendar Senate
(c) Effective Date.--The amendments made by this section shall apply to amounts paid or accrued after the date of enactment of this section in taxable years ending after such date.
Inserted: SEC. . GUARANTY OF ADDITIONAL $400 CHILD CREDIT FOR 2003 AND MODIFICATIONS OF DIVIDEND EXCLUSION.
Inserted: (a) In General.--Section 24(d) (relating to portion of credit refundable) is amended by adding at the end the following new paragraph:
Inserted: "(4) Special rule for 2003.--
Inserted: "(A) In general.--In applying this subsection--
Inserted: "(i) in the case of any taxable year beginning in 2003, or
Inserted: "(ii) for purposes of determining the amount of the credit allowed under this section for the taxpayer's first taxable year beginning in 2002 in computing the child tax credit refund amount under section 6429, the increase under paragraph (1) for such taxable year shall be determined under subparagraph (B).
Inserted: "(B) Additional increase.--For purposes of subparagraph (A), the amount of the increase under paragraph (1) for a taxable year shall be equal to the sum of--
Inserted: "(i) the amount of such increase determined without regard to this paragraph, plus
Inserted: "(ii) the lesser of--
Inserted: "(I) $400, multiplied by the number of qualifying children of the taxpayer for the taxable year, or
Inserted: "(II) the amount determined under paragraph (1)(A) for the taxable year, reduced by the amount of the credit allowed after the application of section 26 and this subsection (without regard to this paragraph).
Inserted: For purposes of applying subclause (II) to the taxable year described in subparagraph (A)(ii), the amount determined under paragraph (1)(A) shall be computed by taking into account the adjustments described in section 6429(b)."
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Inserted: (b) Effective Date.--The amendment made by subsection (a) shall take effect as if included in the provisions of section 106 of this Act and section 108 of this Act shall apply to such amendment as if it had been so included.
Original wording
At the end of subtitle C of title V, insert:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
On page 19, lines 12 and 13, strike “(20 percent in the case of taxable years beginning after 2007)”.
On page 26, lines 18 and 19, strike “(80 percent in the case of taxable years beginning after 2007)”.
On page 26, lines 21 and 22, strike “(80 percent in the case of taxable years beginning after 2007)”.
On page 27, line 19, strike “2003” and insert “2002”.
At the end of subtitle C of title V, insert:
SEC. . GUARANTY OF ADDITIONAL $400 CHILD CREDIT FOR 2003 AND MODIFICATIONS OF DIVIDEND EXCLUSION.
(a) In General.--Section 24(d) (relating to portion of credit refundable) is amended by adding at the end the following new paragraph:
“(4) Special rule for 2003.--
“(A) In general.--In applying this subsection--
“(i) in the case of any taxable year beginning in 2003, or
“(ii) for purposes of determining the amount of the credit allowed under this section for the taxpayer's first taxable year beginning in 2002 in computing the child tax credit refund amount under section 6429, the increase under paragraph (1) for such taxable year shall be determined under subparagraph (B).
“(B) Additional increase.--For purposes of subparagraph (A), the amount of the increase under paragraph (1) for a taxable year shall be equal to the sum of--
“(i) the amount of such increase determined without regard to this paragraph, plus
“(ii) the lesser of--
“(I) $400, multiplied by the number of qualifying children of the taxpayer for the taxable year, or
“(II) the amount determined under paragraph (1)(A) for the taxable year, reduced by the amount of the credit allowed after the application of section 26 and this subsection (without regard to this paragraph).
For purposes of applying subclause (II) to the taxable year described in subparagraph (A)(ii), the amount determined under paragraph (1)(A) shall be computed by taking into account the adjustments described in section 6429(b).”
(b) Effective Date.--The amendment made by subsection (a) shall take effect as if included in the provisions of section 106 of this Act and section 108 of this Act shall apply to such amendment as if it had been so included.
Legislative Activity
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Roll call votes on amendments in Senate: Motion to waive the Budget Act with respect to amendment SA 570 rejected in Senate by Yea-Nay Vote. 47 - 53. Record Vote Number: 151.
May 15, 2003
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Roll call votes on amendments in Senate: Motion to waive the Budget Act with respect to amendment SA 570 rejected in Senate by Yea-Nay Vote. 47 - 53. Record Vote Number: 151.
May 15, 2003
Considered by Senate. (consideration: CR S6410)
May 15, 2003
Point of order raised in Senate with respect to amendment SA 570.
May 15, 2003
Motion to waive the Budget Act with respect to amendment SA 570 rejected in Senate by Yea-Nay Vote. 47 - 53. Record Vote Number: 151.
May 15, 2003
Amendment SA 570 ruled out of order by the chair.
May 15, 2003
Senate amendment submitted
May 14, 2003
Senate amendment proposed (on the floor): Amendment SA 570 proposed by Senator Baucus.(consideration: CR S6178-6180; text: CR S6178)
May 14, 2003
Amendment SA 570 proposed by Senator Baucus. (consideration: CR S6178-6180; text: CR S6178) To ensure that the limit on refundability shall not apply to the additional $400 child credit for 2003, to make the dividend exclusion effective for taxable years beginning in 2003, and to eliminate the increase in the dividend exclusion from 10 percent to 20 percent of dividends over $500.
May 14, 2003