S.Amdt. 604
What it does: Adds SEC. ____. REPEAL OF PARTIAL EXCLUSION OF DIVIDENDS AND ELIMINATION OF ACCELERATION OF TOP RATE REDUCTION IN INDIVIDUAL INCOME TAX RATES AND ESTABLISHMENT OF UNINSURED RESERVE FUND at the end of subtitle C of title V
Sen. Jeff Bingaman (D-NM)What it changes
1 change to S. 1054 · shown in the bill's text
Adds SEC. ____. REPEAL OF PARTIAL EXCLUSION OF DIVIDENDS AND ELIMINATION OF ACCELERATION OF TOP RATE REDUCTION IN INDIVIDUAL INCOME TAX RATES AND ESTABLISHMENT OF UNINSURED RESERVE FUND at the end of subtitle C of title V
Adds a sectionIn 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. ____. REPEAL OF PARTIAL EXCLUSION OF DIVIDENDS AND ELIMINATION OF ACCELERATION OF TOP RATE REDUCTION IN INDIVIDUAL INCOME TAX RATES AND ESTABLISHMENT OF UNINSURED RESERVE FUND.
Inserted: (a) Repeal of Partial Exclusion of Dividends.--Section 201 of this Act, and the amendments made by such section, are repealed.
Inserted: (b) Elimination of Acceleration of Top Rate Reduction In Individual Income Tax Rates.--Notwithstanding the amendment made by section 102(a) of this Act, in lieu of the percent specified in the last column of the table in paragraph (2) of section 1(i) of the Internal Revenue Code of 1986, as amended by such section 102(a), for taxable years beginning during calendar years 2003, 2004, and 2005, the following percentages shall be substituted for such years:
Inserted: (1) For 2003, 38.6%.
Inserted: (2) For 2004 and 2005, 37.6%.
Inserted: (c) Uninsured Reserve Fund.--There is hereby established in the Treasury of the United States a reserve fund to provide health care coverage for the uninsured to which is appropriated the revenues resulting from the enactment and application of subsections (a) and (b).
Original wording
At the end of subtitle C of title V, add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 604. Mr. BINGAMAN submitted an amendment intended to be proposed by him to the bill S. 1054, to provide for reconciliation pursuant to section 201 of the concurrent resolution on the budget for fiscal year 2004; which was ordered to lie on the table; as follows:
At the end of subtitle C of title V, add the following:
SEC. ____. REPEAL OF PARTIAL EXCLUSION OF DIVIDENDS AND ELIMINATION OF ACCELERATION OF TOP RATE REDUCTION IN INDIVIDUAL INCOME TAX RATES AND ESTABLISHMENT OF UNINSURED RESERVE FUND.
(a) Repeal of Partial Exclusion of Dividends.--Section 201 of this Act, and the amendments made by such section, are repealed.
(b) Elimination of Acceleration of Top Rate Reduction In Individual Income Tax Rates.--Notwithstanding the amendment made by section 102(a) of this Act, in lieu of the percent specified in the last column of the table in paragraph (2) of section 1(i) of the Internal Revenue Code of 1986, as amended by such section 102(a), for taxable years beginning during calendar years 2003, 2004, and 2005, the following percentages shall be substituted for such years:
(1) For 2003, 38.6%.
(2) For 2004 and 2005, 37.6%.
(c) Uninsured Reserve Fund.--There is hereby established in the Treasury of the United States a reserve fund to provide health care coverage for the uninsured to which is appropriated the revenues resulting from the enactment and application of subsections (a) and (b).
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Senate amendment submitted
May 14, 2003