To accelerate the elimination of the marriage penalty in the earned income credit.
What it does: Adds SEC. 107A. ACCELERATION OF MARRIAGE PENALTY RELIEF FOR EARNED INCOME CREDIT after section 107
Sen. James M. Jeffords (I-VT)What it changes
1 change to S. 1054 · shown in the bill's text
Adds SEC. 107A. ACCELERATION OF MARRIAGE PENALTY RELIEF FOR EARNED INCOME CREDIT after section 107
Adds a sectionIn S. 1054 · Placed on Calendar Senate
(f) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2002.
Inserted: SEC. 107A. ACCELERATION OF MARRIAGE PENALTY RELIEF FOR EARNED INCOME CREDIT.
Inserted: (a) In General.--Section 32(b)(2)(B) (relating to joint returns) is amended by striking "'increased by--" and all that follows and inserting "increased by $3,000.".
Inserted: (b) Inflation Adjustment.--Clause (ii) of section 32( j)(1)(B) (relating to inflation adjustments) is amended to read as follows:
Inserted: "(ii) in the case of the $3,000 amount in subsection (b)(2)(B), by substituting 'calendar year 2003' for 'calendar year 1992' in subparagraph (B) of such section 1.".
Inserted: (c) Conforming Amendment.--Section 303(i)(2) of the Economic Growth and Tax Relief Reconciliation Act of 2001 is amended by striking "2004" and inserting "2003".
Inserted: (d) Adjustment of Highest Individual Income Tax Rate.--In lieu of the rate specified for taxable years beginning during calendar year 2003 and thereafter in the last column of the table contained in section 1(i)(2) of the Internal Revenue Code of 1986, as amended by section 102(a), the Secretary of the Treasury shall adjust such rate for 1 or more of such taxable years to provide such revenues as are necessary to equal the loss in revenues which would result in the enactment of the amendments made by subsections (a), (b), and (c) of this section.
Inserted: (e) Effective Dates.--
Inserted: (1) In general.--Except as provided in paragraph (2), the amendments made by this section shall apply to taxable years beginning after December 31, 2002.
Inserted: (2) Conforming amendment.--The amendment made by subsection (c) shall take effect on January 1, 2003.
Original wording
After section 107, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
After section 107, insert the following:
SEC. 107A. ACCELERATION OF MARRIAGE PENALTY RELIEF FOR EARNED INCOME CREDIT.
(a) In General.--Section 32(b)(2)(B) (relating to joint returns) is amended by striking “‘increased by--” and all that follows and inserting “increased by $3,000.”.
(b) Inflation Adjustment.--Clause (ii) of section 32( j)(1)(B) (relating to inflation adjustments) is amended to read as follows:
“(ii) in the case of the $3,000 amount in subsection (b)(2)(B), by substituting ‘calendar year 2003' for ‘calendar year 1992' in subparagraph (B) of such section 1.”.
(c) Conforming Amendment.--Section 303(i)(2) of the Economic Growth and Tax Relief Reconciliation Act of 2001 is amended by striking “2004” and inserting “2003”.
(d) Adjustment of Highest Individual Income Tax Rate.--In lieu of the rate specified for taxable years beginning during calendar year 2003 and thereafter in the last column of the table contained in section 1(i)(2) of the Internal Revenue Code of 1986, as amended by section 102(a), the Secretary of the Treasury shall adjust such rate for 1 or more of such taxable years to provide such revenues as are necessary to equal the loss in revenues which would result in the enactment of the amendments made by subsections (a), (b), and (c) of this section.
(e) Effective Dates.--
(1) In general.--Except as provided in paragraph (2), the amendments made by this section shall apply to taxable years beginning after December 31, 2002.
(2) Conforming amendment.--The amendment made by subsection (c) shall take effect on January 1, 2003.
Legislative Activity
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Roll call votes on amendments in Senate: Motion to waive the Budget Act with respect to amendment SA 587 rejected in Senate by Yea-Nay Vote. 49 - 51. Record Vote Number: 155.
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 587 rejected in Senate by Yea-Nay Vote. 49 - 51. Record Vote Number: 155.
May 15, 2003
Considered by Senate. (consideration: CR S6412-6413)
May 15, 2003
Point of order raised in Senate with respect to amendment SA 587.
May 15, 2003
Motion to waive the Budget Act with respect to amendment SA 587 rejected in Senate by Yea-Nay Vote. 49 - 51. Record Vote Number: 155.
May 15, 2003
Amendment SA 587 ruled out of order by the chair.
May 15, 2003
Senate amendment submitted
May 14, 2003
Senate amendment proposed (on the floor): Amendment SA 587 proposed by Senator Jeffords.(consideration: CR S6195-6196; text: CR S6195)
May 14, 2003
Amendment SA 587 proposed by Senator Jeffords. (consideration: CR S6195-6196; text: CR S6195) To accelerate the elimination of the marriage penalty in the earned income credit.
May 14, 2003