S.Amdt. 752

1. Adds SEC. 7. ELIMINATION OF DEDUCTIONS FOR MILLIONAIRES AND BILLIONAIRES at the end of the bill

   Adds a section

   In S. 743 · Placed on Calendar Senate

   Except as otherwise provided in this Act, this Act shall not be construed to preempt or limit any power exercised or to be exercised by a State or local jurisdiction under the law of such State or local jurisdiction or under any other Federal law.

   Inserted: SEC. 7. ELIMINATION OF DEDUCTIONS FOR MILLIONAIRES AND BILLIONAIRES.

   Inserted: (a) No Mortgage Interest Deduction for Millionaires and Billionaires.--Section 163(h)(4) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:

   Inserted: "(G) No deduction for millionaires and billionaires.--No deduction shall be allowed by reason of paragraph (2)(D) 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) No Rental Expense Deduction for Millionaires and Billionaires.--Section 212 of the Internal Revenue Code of 1986 is amended by adding at the end the following new flush sentence:

   Inserted: "Paragraph (2) shall not apply 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: (c) No Gambling Loss Deduction for Millionaires and Billionaires.--Section 165(d) of the Internal Revenue Code of 1986 is amended by adding at the end the following: "In the case of a taxpayer with an adjusted gross income equal to or greater than $1,000,000 for the taxable year, the preceding sentence shall not apply for any taxable year.".

   Inserted: (d) No Discharge of Indebtedness Deduction for Millionaires and Billionaires.--Section 108 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

   Inserted: "(j) No Deduction for Millionaires and Billionaires.--No exclusion shall be allowed by reason of 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: (e) No Electric Plug-in Vehicle Tax Credit for Millionaires and Billionaires.--Section 30D(f) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

   Inserted: "(8) No credit for millionaires and billionaires.--No credit described in subsection (c)(2) 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: (f) No Household and Dependent Care Credit for Millionaires and Billionaires.--Section 21 of the Internal Revenue Code of 1986 is amended by redesignating subsection (f) as subsection (g) and by inserting after subsection (e) the following new subsection:

   Inserted: "(f) 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.".

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   Inserted: (g) No Residential Energy Efficient Property Credit for Millionaires and Billionaires.--Section 25D(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: (h) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2012.

   Original wording

   At the end, add the following:

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As printed