S.Amdt. 2715

1. Rewrites page 19, lines 19–22

   ReplacesPrinted page

   Removes page 19, lines 19–22 of the printed bill. See that page

   Inserted: SEC. 203. REDUCED TAXES FOR PATRIOT EMPLOYERS.

   Inserted: (a) In General.--Subpart D of part IV of subchapter A of chapter 1 is amended by adding at the end the following new section:

   Inserted: "SEC. 45N. REDUCTION IN TAX OF PATRIOT EMPLOYERS.

   Inserted: "(a) In General.--In the case of any taxable year beginning after December 31, 2005, and before January 1, 2011, with respect to which a taxpayer is certified by the Secretary as a Patriot employer, the Patriot employer credit determined under this section for purposes of section 38 shall be equal to 1 percent of the taxable income of the taxpayer which is properly allocable to all trades or businesses with respect to which the taxpayer is certified as a Patriot employer for the taxable year.

   Inserted: "(b) Patriot Employer.--For purposes of subsection (a), the term 'Patriot employer' means, with respect to any taxable year, any taxpayer which--

   Inserted: "(1) maintains its headquarters in the United States if the taxpayer has ever been headquartered in the United States,

   Inserted: "(2) pays at least 60 percent of each employee's health care premiums,

   Inserted: "(3) if such taxpayer employs at least 50 employees on average during the taxable year--

   Inserted: "(A) maintains or increases the number of full-time workers in the United States relative to the number of full-time workers outside of United States,

   Inserted: "(B) compensates each employee of the taxpayer at an hourly rate (or equivalent thereof) not less than an amount equal to the Federal poverty level for a family of three for the calendar year in which the taxable year begins divided by 2,080,

   Inserted: "(C) provides either a defined benefit plan or a defined contribution plan which fully matches at least 5 percent of each employee's contributions to the plan, and

   Inserted: "(D) provides full differential salary and insurance benefits for all National Guard and Reserve employees who are called for active duty, and

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   Inserted: "(4) if such taxpayer employs less than 50 employees on average during the taxable year, either--

   Inserted: "(A) compensates each employee of the taxpayer at an hourly rate (or equivalent thereof) not less than an amount equal to the Federal poverty level for a family of 3 for the calendar year in which the taxable year begins divided by 2,080, or

   Inserted: "(B) provides either a defined benefit plan or a defined contribution plan which fully matches at least 5 percent of each employee's contributions to the plan.".

   Inserted: (b) Allowance as General Business Credit.--Section 38(b) is amended by striking "and" at the end of paragraph (25), by striking the period at the end of paragraph (26) and inserting ", and", and by adding at the end the following:

   Inserted: "(27) the Patriot employer credit determined under section 45N.".

   Inserted: (c) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2005.

   Original wording

   On page 19, strike lines 19 through 22 and insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed