To provide an extension and increase in minimum tax relief to individuals.
What it does: 6 changes: replaces text in 4 places, inserts text in 2 places
Sen. Chuck Grassley (R-IA)What it changes
6 changes to S. 2020
We couldn't read part of this amendment. That part is shown as written below.
Change 1: Rewrites page 63, line 18 through page 64, line 15
ReplacesPrinted pageRemoves page 63, line 18 through page 64, line 15 of the printed bill. See that page
Inserted: SEC. 212. EXTENSION AND INCREASE IN MINIMUM TAX RELIEF TO INDIVIDUALS.
Inserted: (a) In General.--Section 55(d)(1) is amended--
Inserted: (1) by striking "$58,000" and all that follows through "2005" in subparagraph (A) and inserting "$62,550 in the case of taxable years beginning in 2006", and
Inserted: (2) by striking "$40,250" and all that follows through "2005" in subparagraph (B) and inserting "$42,500 in the case of taxable years beginning in 2006".
Inserted: (b) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2005.
Original wording
Beginning on page 63, line 18, strike all through page 64, line 15, and insert the following:
Change 2: Rewrites page 69, line 6 through page 71, line 13
ReplacesPrinted pageRemoves page 69, line 6 through page 71, line 13 of the printed bill. See that page
Inserted: (d) Expansion of Credit to Expenses of General Collaborative Research Consortia.--Section 41 is amended--
Inserted: (1) by striking "an energy research consortium" in subsections (a)(3) and (b)(3)(C)(i) and inserting "a research consortium",
Inserted: (2) by striking "energy" each place it appears in subsection (f)(6)(A),
Inserted: (3) by inserting "or 501(c)(6)" after "section 501(c)(3)" in subsection (f)(6)(A)(i)(I), and
Inserted: (4) by striking "Energy research" in the heading for subsection (f)(6)(A) and inserting "Research" .
Original wording
Beginning on page 69, line 6, strike all through page 71, line 13, and insert the following:
Change 3: Rewrites page 267, line 12 through page 268, line 15
ReplacesPrinted pageRemoves page 267, line 12 through page 268, line 15 of the printed bill. See that page
Inserted: (b) Applicable Penalty.--For purposes of this section, the term "applicable penalty" means any penalty, addition to tax, or fine imposed under chapter 68 of the Internal Revenue Code of 1986.
Inserted: (c) Effective Date.--The provisions of this section shall apply to interest, penalties, additions to tax, and fines with respect to any taxable year if, as of the date of the enactment of this Act, the assessment of any tax, penalty, or interest with respect to such taxable year is not prevented by the operation of any law or rule of law.
Original wording
Beginning on page 267, line 12, strike all through page 268, line 15, and insert the following:
Change 4: Inserts new text on page 310, between lines 10 and 11
InsertsPrinted pageInserted: (b) Leases to Foreign Entities.--Section 849(b) of the American Jobs Creation Act of 2004, as amended by subsection (a), is amended by adding at the end the following new paragraph:
Inserted: "(3) Leases to foreign entities.--In the case of tax-exempt use property leased to a tax-exempt entity which is a foreign person or entity, the amendments made by this part shall apply to taxable years beginning after December 31, 2005, with respect to leases entered into on or before March 12, 2004.".
Original wording
On page 310, between lines 10 and 11, insert the following:
Change 5: Replaces “(b)” with “(c)”
[struck: (b)][inserted: (c)]Original wording
On page 310, line 11, strike “(b)” and insert “(c)”.
Change 6: Inserts “which has an average daily worldwide production of crude oil of at least 500,000 barrels…” on page 322, line 24
InsertsPrinted pageInserted: which has an average daily worldwide production of crude oil of at least 500,000 barrels for the taxable year and
Original wording
On page 322, line 24, insert “which has an average daily worldwide production of crude oil of at least 500,000 barrels for the taxable year and”
Shown as written
On page 320, in the table following line 17, strike “119.5” and insert “120”.
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 2647. Mr. GRASSLEY (for himself and Mr. Baucus) proposed an amendment to the bill S. 2020, to provide for reconciliation pursuant to section 202(b) of the concurrent resolution on the budget for fiscal year 2006; as follows:
Beginning on page 63, line 18, strike all through page 64, line 15, and insert the following:
SEC. 212. EXTENSION AND INCREASE IN MINIMUM TAX RELIEF TO INDIVIDUALS.
(a) In General.--Section 55(d)(1) is amended--
(1) by striking “$58,000” and all that follows through “2005” in subparagraph (A) and inserting “$62,550 in the case of taxable years beginning in 2006”, and
(2) by striking “$40,250” and all that follows through “2005” in subparagraph (B) and inserting “$42,500 in the case of taxable years beginning in 2006”.
(b) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2005.
Beginning on page 69, line 6, strike all through page 71, line 13, and insert the following:
(d) Expansion of Credit to Expenses of General Collaborative Research Consortia.--Section 41 is amended--
(1) by striking “an energy research consortium” in subsections (a)(3) and (b)(3)(C)(i) and inserting “a research consortium”,
(2) by striking “energy” each place it appears in subsection (f)(6)(A),
(3) by inserting “or 501(c)(6)” after “section 501(c)(3)” in subsection (f)(6)(A)(i)(I), and
(4) by striking “Energy research” in the heading for subsection (f)(6)(A) and inserting “Research” .
Beginning on page 267, line 12, strike all through page 268, line 15, and insert the following:
(b) Applicable Penalty.--For purposes of this section, the term “applicable penalty” means any penalty, addition to tax, or fine imposed under chapter 68 of the Internal Revenue Code of 1986.
(c) Effective Date.--The provisions of this section shall apply to interest, penalties, additions to tax, and fines with respect to any taxable year if, as of the date of the enactment of this Act, the assessment of any tax, penalty, or interest with respect to such taxable year is not prevented by the operation of any law or rule of law.
On page 310, between lines 10 and 11, insert the following:
(b) Leases to Foreign Entities.--Section 849(b) of the American Jobs Creation Act of 2004, as amended by subsection (a), is amended by adding at the end the following new paragraph:
“(3) Leases to foreign entities.--In the case of tax-exempt use property leased to a tax-exempt entity which is a foreign person or entity, the amendments made by this part shall apply to taxable years beginning after December 31, 2005, with respect to leases entered into on or before March 12, 2004.”.
On page 310, line 11, strike “(b)” and insert “(c)”.
On page 320, in the table following line 17, strike “119.5” and insert “120”.
On page 322, line 24, insert “which has an average daily worldwide production of crude oil of at least 500,000 barrels for the taxable year and”
Legislative Activity
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Senate amendment submitted
November 17, 2005
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Senate amendment submitted
November 17, 2005
Senate amendment proposed (on the floor): Amendment SA 2647 proposed by Senator Grassley.(consideration: CR S13113-13114; text: CR S13113-13114)
November 17, 2005
Senate amendment agreed to: Amendment SA 2647 agreed to in Senate by Voice Vote.
November 17, 2005
Amendment SA 2647 proposed by Senator Grassley. (consideration: CR S13113-13114; text: CR S13113-13114) To provide an extension and increase in minimum tax relief to individuals.
November 17, 2005
Amendment SA 2647 agreed to in Senate by Voice Vote.
November 17, 2005
Amendment SA 2647, previously agreed to, was modified by Unanimous Consent. (text as modified: CR S13123)
November 17, 2005