[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4275 Placed on Calendar Senate (PCS)]
Calendar No. 518
108th CONGRESS
2d Session
H. R. 4275
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 17, 2004
Received and read the first time
May 18, 2004
Read the second time and placed on the calendar
_______________________________________________________________________
AN ACT
To amend the Internal Revenue Code of 1986 to permanently extend the
10-percent individual income tax rate bracket.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. EXTENSION OF 10-PERCENT INDIVIDUAL INCOME TAX RATE BRACKET.
(a) In General.--Clause (i) of section 1(i)(1)(B) of the Internal
Revenue Code of 1986 (relating to the initial bracket amount) is
amended to read as follows:
``(i) $14,000 in the case of subsection
(a),''.
(b) Inflation Adjustment Beginning in 2004.--Section 1(i)(1)(C) of
such Code (relating to inflation adjustment) is amended to read as
follows:
``(C) Inflation adjustment.--In prescribing the
tables under subsection (f) which apply with respect to
taxable years beginning in calendar years after 2003--
``(i) the cost-of-living adjustment used in
making adjustments to the initial bracket
amount shall be determined under subsection
(f)(3) by substituting `2002' for `1992' in
subparagraph (B) thereof, and
``(ii) such adjustment shall not apply to
the amount referred to in subparagraph
(B)(iii).
If any amount after adjustment under the preceding
sentence is not a multiple of $50, such amount shall be
rounded to the next lowest multiple of $50.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2003.
SEC. 2. REPEAL OF SUNSET.
Title IX of the Economic Growth and Tax Relief Reconciliation Act
of 2001 shall not apply to--
(1) paragraph (1) of section 1(i) of the Internal
Revenue Code of 1986, and
(2) the amendments made by paragraphs (1) and (7)
of section 101(c) of such Act.
Passed the House of Representatives May 13, 2004.
Attest:
JEFF TRANDAHL,
Clerk.
Calendar No. 518
108th CONGRESS
2d Session
H. R. 4275
_______________________________________________________________________
AN ACT
To amend the Internal Revenue Code of 1986 to permanently extend the
10-percent individual income tax rate bracket.
_______________________________________________________________________
May 18, 2004
Read the second time and placed on the calendar