S.Amdt. 643
What it does: Inserts new text at the end of subtitle C of title V
Sen. John F. Kerry (D-MA)What it changes
1 change to S. 1054 · shown in the bill's text
We couldn't read part of this amendment. That part is shown as written below.
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. . INCOME TAX CREDIT FOR EMPLOYERS HIRING NEW EMPLOYEES OR INCREASING WAGES IN 2003.
Inserted: (a) In General.--Subpart F of part IV of subchapter A of chapter 1 (relating to rules for computing work opportunity credit) is amended by inserting after section 51A the following new section:
Inserted: "SEC. 51B. REFUND OF PAYROLL TAXES ATTRIBUTABLE TO NEW EMPLOYEES AND INCREASED WAGES DURING 2003.
Inserted: "(a) General Rule.--In the case of an employee's first taxable year beginning in 2003, the amount of the work opportunity credit determined under section 51 (without regard to this section) for the taxable year shall be increased by the increased wages payroll tax rebate amount.
Inserted: "(b) Increased Wages Payroll Tax Rebate Amount.--For purposes of this section, the term 'increased wages payroll tax rebate amount' means an amount equal to 10 percent of the excess (if any) of--
Inserted: "(1) the wages paid or incurred by the employer with respect to employment during 2003, over
Inserted: "(2) the sum of--
Inserted: "(A) the wages paid or incurred by the employer with respect to employment during 2002, plus
Inserted: "(B) an amount equal to the amount determined under subparagraph (A) multiplied by a percentage equal to the percentage change in the contribution and benefit base under section 230 of the Social Security Act from 2002 to 2003.
Inserted: "(c) Other Definitions and Rules.--For purposes of this section--
Inserted: "(1) Wages.--
Inserted: "(A) In general.--The term 'wages' has the meaning given such term by section 3121(a).
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Inserted: "(B) Special role for railroad employers.--In the case of any employer subject to tax under chapter 22 with respect to any employee, the term 'wages' includes compensation within the meaning of section 3231(e).
Inserted: "(2) Predecessors.--Any reference in this section to an employer shall include a reference to a predecessor.
Inserted: "(3) Other rules.--Rules similar to the rules of sections 51(k) and 52 shall apply.
Inserted: "(d) Regulations.--The Secretary shall prescribe such regulations as may be necessary to carry out this section, including regulations for the application of this section in the case of acquisitions and dispositions."
Inserted: (b) Conforming Amendment.--The table of sections for subpart F of part IV of subchapter A of chapter 1 is amended by inserting after the item relating to section 51A the following new item:
Inserted: "Sec. 51B. Refund of payroll taxes attributable to new employees and increased wages during 2003."
Original wording
At the end of subtitle C of title V, insert:
Shown as written
On page 8, strike the matter preceding line 1, and insert:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 643. Mr. KERRY 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:
On page 8, strike the matter preceding line 1, and insert:
------------------------------------------------------------------------The corresponding percentages shall be substituted for the following
“In the case of taxable years percentages:
beginning during calendar year: ---------------------------------------28% 31% 36% 39.6%
------------------------------------------------------------------------
2001............................ 27.5% 30.5% 35.5% 39.1%
2002............................ 27.0% 30.0% 35.0% 38.6%
2003............................ 25.0% 28.0% 33.0% 38.6%
2004 and 2005................... 25.0% 28.0% 33.0% 37.6%
2006 and thereafter............. 25.0% 28.0% 33.0% 35.0%”.
------------------------------------------------------------------------
At the end of subtitle C of title V, insert:
SEC. . INCOME TAX CREDIT FOR EMPLOYERS HIRING NEW EMPLOYEES OR INCREASING WAGES IN 2003.
(a) In General.--Subpart F of part IV of subchapter A of chapter 1 (relating to rules for computing work opportunity credit) is amended by inserting after section 51A the following new section:
“SEC. 51B. REFUND OF PAYROLL TAXES ATTRIBUTABLE TO NEW EMPLOYEES AND INCREASED WAGES DURING 2003.
“(a) General Rule.--In the case of an employee's first taxable year beginning in 2003, the amount of the work opportunity credit determined under section 51 (without regard to this section) for the taxable year shall be increased by the increased wages payroll tax rebate amount.
“(b) Increased Wages Payroll Tax Rebate Amount.--For purposes of this section, the term ‘increased wages payroll tax rebate amount' means an amount equal to 10 percent of the excess (if any) of--
“(1) the wages paid or incurred by the employer with respect to employment during 2003, over
“(2) the sum of--
“(A) the wages paid or incurred by the employer with respect to employment during 2002, plus
“(B) an amount equal to the amount determined under subparagraph (A) multiplied by a percentage equal to the percentage change in the contribution and benefit base under section 230 of the Social Security Act from 2002 to 2003.
“(c) Other Definitions and Rules.--For purposes of this section--
“(1) Wages.--
“(A) In general.--The term ‘wages' has the meaning given such term by section 3121(a).
“(B) Special role for railroad employers.--In the case of any employer subject to tax under chapter 22 with respect to any employee, the term ‘wages' includes compensation within the meaning of section 3231(e).
“(2) Predecessors.--Any reference in this section to an employer shall include a reference to a predecessor.
“(3) Other rules.--Rules similar to the rules of sections 51(k) and 52 shall apply.
“(d) Regulations.--The Secretary shall prescribe such regulations as may be necessary to carry out this section, including regulations for the application of this section in the case of acquisitions and dispositions.”
(b) Conforming Amendment.--The table of sections for subpart F of part IV of subchapter A of chapter 1 is amended by inserting after the item relating to section 51A the following new item:
“Sec. 51B. Refund of payroll taxes attributable to new employees and increased wages during 2003.”
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Senate amendment submitted
May 15, 2003