S.Amdt. 2536
What it does: Adds SEC. __. PROHIBITION ON FEDERAL FINANCIAL ASSISTANCE BY PERSONS HAVING SERIOUSLY DELINQUENT TAX DEBTS wherever appropriate
Sen. Tom Coburn (R-OK)What it changes
1 change to S. 2237
Adds SEC. __. PROHIBITION ON FEDERAL FINANCIAL ASSISTANCE BY PERSONS HAVING SERIOUSLY DELINQUENT TAX DEBTS wherever appropriate
Adds a sectionInserted: SEC. __. PROHIBITION ON FEDERAL FINANCIAL ASSISTANCE BY PERSONS HAVING SERIOUSLY DELINQUENT TAX DEBTS.
Inserted: (a) Definition of Seriously Delinquent Tax Debt.--In this section:
Inserted: (1) In general.--The term "seriously delinquent tax debt" means an outstanding debt under the Internal Revenue Code of 1986 for which a notice of lien has been filed in public records pursuant to section 6323 of that Code.
Inserted: (2) Exclusions.--The term "seriously delinquent tax debt" does not include--
Inserted: (A) a debt that is being paid in a timely manner pursuant to an agreement under section 6159 or 7122 of Internal Revenue Code of 1986; and
Inserted: (B) a debt with respect to which a collection due process hearing under section 6330 of that Code, or relief under subsection (a), (b), or (f) of section 6015 of that Code, is requested or pending.
Inserted: (b) Prohibition.--
Inserted: (1) Grants, contracts, loans, and other subsidies.--An individual or entity who has a seriously delinquent tax debt shall be ineligible to receive financial assistance (including any payment, loan, grant, contract, or subsidy) from the Federal government during the pendency of such seriously delinquent tax debt.
Inserted: (2) Tax credits.--Part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subpart:
Inserted: "Subpart K--Certain Taxpayers Ineligible for Credits
Inserted: "Sec. 59AA. Certain taxpayers ineligible for credits.
Inserted: "SEC. 59AA. CERTAIN TAXPAYERS INELIGIBLE FOR CREDITS.
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Inserted: "Notwithstanding any other provision of this part, no credit shall be allowed to a taxpayer under this part for any taxable year if such taxpayer has seriously delinquent tax debt on the last day of such taxable year.".
Inserted: (c) Regulations.--The Secretary of Treasury shall issue such regulations as the Secretary considers necessary to carry out this section.
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Original wording
At the appropriate place, add the following:
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As printed
SA 2536. Mr. COBURN submitted an amendment intended to be proposed by him to the bill S. 2237, to provide a temporary income tax credit for increased payroll and extend bonus depreciation for an additional year, and for other purposes; which was ordered to lie on the table; as follows:
At the appropriate place, add the following:
SEC. __. PROHIBITION ON FEDERAL FINANCIAL ASSISTANCE BY PERSONS HAVING SERIOUSLY DELINQUENT TAX DEBTS.
(a) Definition of Seriously Delinquent Tax Debt.--In this section:
(1) In general.--The term “seriously delinquent tax debt” means an outstanding debt under the Internal Revenue Code of 1986 for which a notice of lien has been filed in public records pursuant to section 6323 of that Code.
(2) Exclusions.--The term “seriously delinquent tax debt” does not include--
(A) a debt that is being paid in a timely manner pursuant to an agreement under section 6159 or 7122 of Internal Revenue Code of 1986; and
(B) a debt with respect to which a collection due process hearing under section 6330 of that Code, or relief under subsection (a), (b), or (f) of section 6015 of that Code, is requested or pending.
(b) Prohibition.--
(1) Grants, contracts, loans, and other subsidies.--An individual or entity who has a seriously delinquent tax debt shall be ineligible to receive financial assistance (including any payment, loan, grant, contract, or subsidy) from the Federal government during the pendency of such seriously delinquent tax debt.
(2) Tax credits.--Part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subpart:
“Subpart K--Certain Taxpayers Ineligible for Credits
“Sec. 59AA. Certain taxpayers ineligible for credits.
“SEC. 59AA. CERTAIN TAXPAYERS INELIGIBLE FOR CREDITS.
“Notwithstanding any other provision of this part, no credit shall be allowed to a taxpayer under this part for any taxable year if such taxpayer has seriously delinquent tax debt on the last day of such taxable year.”.
(c) Regulations.--The Secretary of Treasury shall issue such regulations as the Secretary considers necessary to carry out this section.
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Senate amendment submitted
July 12, 2012