S.Amdt. 3707

1. Inserts new text at the end of section 1402(a)

   Inserts

   In H.R. 4872 · Placed on Calendar Senate

   (4) Effective dates.--The amendments made by this subsection shall apply to taxable years beginning after December 31, 2012.

   Inserted: (5) Inflation adjustment.--

   Inserted: (A) In general.--Section 1411 of the Internal Revenue Code of 1986, as added by paragraph (1), is amended by adding at the end the following new subsection:

   Inserted: "(f) Adjustment for Inflation.--In the case of any taxable year beginning after December 31, 2013, each of the dollar amounts under paragraphs (1) and (3) of subsection (b) shall be increased by an amount equal to--

   Inserted: "(1) such amount, multiplied by

   Inserted: "(2) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which such taxable year begins by substituting 'calendar year 2012' for 'calendar year 1992' in subparagraph (B) thereof.

   Inserted: If any increase determined under this subsection is not a multiple of $1,000, such increase shall be rounded to the next lowest multiple of $1,000.".

   Inserted: (B) Rescission of certain stimulus funds.--Notwithstanding section 5 of the American Recovery and Reinvestment Act of 2009 (Public Law 111-5; 123 Stat. 116), from the amounts appropriated or made available under division A such Act (other than under title X of such division A), there is rescinded $1,400,000,000 of any remaining unobligated amounts. The Director of the Office of Management and Budget shall apply the rescission in a pro rata manner with respect to such amounts. The Director of the Office of Management and Budget shall report to each congressional committee the amounts so rescinded within the jurisdiction of such committee.

   Original wording

   At the end of section 1402(a), add the following:

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

As printed