S. 2106Senate108th Congress (2003-2005)In Committee

Songwriters Capital Gains Tax Equity Act

Introduced February 24, 2004

Legislative Activity

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Read twice and referred to the Committee on Finance.

February 24, 2004

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SenateIntro Referral

Introduced in Senate

February 24, 2004

SenateIntro Referral

Read twice and referred to the Committee on Finance.

February 24, 2004

Floor Debate

7 members

What members said about S. 2106 on the floor

4 Republicans3 Democrats
Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Feb 24, 2004

Mr. President, I rise on behalf of myself and Senators Warner, Schumer, DeWine, Levin, Chafee, Dodd, Jeffords, Boxer, Clinton, Reed and Lautenberg to offer legislation that will reauthorize the 1994…

Mike DeWine
Sen. Mike DeWineR-OH · Feb 24, 2004

Mr. President, I rise today to introduce a bill that would reauthorize America's Law Enforcement and Mental Health Project. This program addresses the impact that mentally ill offenders have had on…

Frank R. Lautenberg
Sen. Frank R. LautenbergD-NJ · Feb 24, 2004

Mr. President, I rise to introduce the Coastal Restoration Act of 2004 for myself and Senator Corzine. Since 1995, the Federal beach nourishment program has been a regular target of the White House…

John Warner
Sen. John WarnerR-VA · Feb 24, 2004

Mr. President, I rise today in support of reauthorizing the Assault Weapons Ban. Signed into law in 1994, the Assault Weapons Ban placed a 10-year prohibition on the domestic manufacture of…

Tom Harkin
Sen. Tom HarkinD-IA · Feb 24, 2004

Mr. President, I rise to introduce a bill, the Menu Education and Labeling Act, on behalf of myself and my colleagues, Senators Kennedy, Lieberman and Cantwell. More than 65 percent of American…

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Lamar Alexander
Sen. Lamar AlexanderR-TN · Feb 24, 2004

Mr. President, I applaud Senator Bunning for introducing the bill to amend the Internal Revenue Code of 1986 to provide capital gains treatment for certain self-created musical works, and I am proud…

Lamar Alexander
Sen. Lamar AlexanderR-TN · Feb 24, 2004

Mr. President, I applaud Senator Bunning for introducing the bill to amend the Internal Revenue Code of 1986 to provide capital gains treatment for certain self-created musical works, and I am proud…

Chuck Grassley
Sen. Chuck GrassleyR-IA · Feb 24, 2004

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Bill Text

Latest available legislative text

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Introduced in SenateIssued February 24, 2004
        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2106 Introduced in Senate (IS)]

108th CONGRESS
2d Session
S. 2106

To amend the Internal Revenue Code of 1986 to provide capital gains
treatment for certain self-created musical works.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

February 24, 2004

Mr. Bunning (for himself, Mr. Miller, Mr. Alexander, and Mr. Hatch)
introduced the following bill; which was read twice and referred to the
Committee on Finance

_______________________________________________________________________

A BILL

To amend the Internal Revenue Code of 1986 to provide capital gains
treatment for certain self-created musical works.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Songwriters Capital Gains Tax Equity
Act''.

SEC. 2. CAPITAL GAINS TREATMENT FOR CERTAIN SELF-CREATED MUSICAL WORKS.

(a) In General.--Subsection (b) of section 1221 of the Internal
Revenue Code of 1986 (relating to capital asset defined) is amended by
redesignating paragraph (3) as paragraph (4) and by inserting after
paragraph (2) the following new paragraph:
``(3) Sale or exchange of self-created musical works.--At
the election of the taxpayer, paragraphs (1) and (3) of
subsection (a) shall not apply with respect to any sale or
exchange of musical compositions or copyrights in musical works
by a taxpayer described in subsection (a)(3).''.
(b) Limitation on Charitable Contributions.--Subparagraph (A) of
section 170(e)(1) of the Internal Revenue Code of 1986 is amended by
inserting ``(determined without regard to section 1221(b)(3))'' after
``long-term capital gain''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginn