S.Amdt. 1594
What it does: Adds SEC. ____. NO RESIDENTIAL ENERGY EFFICIENT PROPERTY CREDIT FOR MILLIONAIRES AND BILLIONAIRES wherever appropriate
Sen. Tom Coburn (R-OK)What it changes
1 change to S. 1813
Adds SEC. ____. NO RESIDENTIAL ENERGY EFFICIENT PROPERTY CREDIT FOR MILLIONAIRES AND BILLIONAIRES wherever appropriate
Adds a sectionInserted: SEC. ____. NO RESIDENTIAL ENERGY EFFICIENT PROPERTY CREDIT FOR MILLIONAIRES AND BILLIONAIRES.
Inserted: (a) In General.--Section 21(e) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
Inserted: "(9) No credit for millionaires and billionaires.--No credit shall be allowed under this section for any taxable year with respect to any taxpayer with an adjusted gross income equal to or greater than $1,000,000 for such taxable year.".
Inserted: (b) Effective Date.--The amendment made by this section shall apply to taxable years beginning after December 31, 2011.
The amendment doesn't say where this goes; the clerk decides.
Original wording
At the appropriate place, insert the following:
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As printed
SA 1594. Mr. COBURN submitted an amendment intended to be proposed by him to the bill S. 1813, to reauthorize Federal-aid highway and highway safety construction programs, and for other purposes; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. ____. NO RESIDENTIAL ENERGY EFFICIENT PROPERTY CREDIT FOR MILLIONAIRES AND BILLIONAIRES.
(a) In General.--Section 21(e) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
“(9) No credit for millionaires and billionaires.--No credit shall be allowed under this section for any taxable year with respect to any taxpayer with an adjusted gross income equal to or greater than $1,000,000 for such taxable year.”.
(b) Effective Date.--The amendment made by this section shall apply to taxable years beginning after December 31, 2011.
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Senate amendment submitted
February 14, 2012