Stop the Sequester Job Loss Now Act Through 2014

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Stop the Sequester Job Loss Now Act 
Through 2014''.

SEC. 2. TABLE OF CONTENTS.

Sec. 1. Short title.
Sec. 2. Table of contents.
                   TITLE I--BUDGET PROCESS AMENDMENTS

Sec. 101. Repeal the 2013 and 2014 sequesters.
Sec. 102. Reduction of Defense Discretionary Limits.
Sec. 103. Protecting veterans programs from sequester.
                     TITLE II--AGRICULTURAL SAVINGS

Sec. 201. One-year extension of agricultural commodity programs, except 
                            direct payment programs.
                    TITLE III--OIL AND GAS SUBSIDIES

Sec. 301. Prohibition on using last-in, first-out accounting for major 
                            integrated oil companies.
Sec. 302. Deduction for income attributable to domestic production 
                            activities not allowed with respect to oil 
                            and gas activities of major integrated oil 
                            companies.
Sec. 303. Limitation on deduction for intangible drilling and 
                            development costs of major integrated oil 
                            companies.
                       TITLE IV--THE BUFFETT RULE

Sec. 401. Fair share tax on high-income taxpayers.
                      TITLE V--SENSE OF THE HOUSE

Sec. 501. Sense of the House on the need for a fair, balanced and 
                            bipartisan approach to long-term deficit 
                            reduction.

                   TITLE I--BUDGET PROCESS AMENDMENTS

SEC. 101. REPEAL THE 2013 AND 2014 SEQUESTERS.

    (a) Calculation of Total Deficit Reduction and Allocation to 
Functions.--(1) Section 251A(3) of the Balanced Budget and Emergency 
Deficit Control Act of 1985 (2 U.S.C. 901a) is amended by striking 
``2013'' and inserting ``2015''.
    (2) Paragraph (4) of such section is amended by striking ``2014'' 
and inserting ``2015''.
    (3) Paragraphs (5) and (6) of such section are amended by striking 
``2013'' and inserting ``2015''.
    (b) Defense and Nondefense Function Reductions.--Paragraphs (5) and 
(6) of section 251A of the Balanced Budget and Emergency Deficit 
Control Act of 1985 are amended by striking ``2013'' and inserting 
``2015'' each place it appears.
    (c) Implementing Discretionary Reductions.--Section 251A(7)(B) of 
such Act is amended by striking ``2014'' and inserting ``2015'' each 
place it appears.
    (d) Restoration of Sequestered Funds.--Notwithstanding the 
Presidential sequestration order for fiscal year 2013 issued under 
section 251A of the Balanced Budget and Emergency Deficit Act of 1985, 
on and after the date of the enactment of this Act, the budgetary 
resources sequestered under such order shall be available for 
obligation for the same purpose, in the same amount as otherwise would 
have been available for the period beginning on the date of enactment 
of this Act and before October 1, 2013, and in the same manner as if 
such order had not been issued.
    (e) Conforming Change.--Upon the date of enactment of this Act, the 
report entitled ``OMB Sequestration Preview Report to the President and 
Congress for Fiscal Year 2014 and OMB Report to the Congress on the 
Joint Committee Reductions for Fiscal Year 2014'', issued on April 10, 
2013, and corrected on May 20, 2013, shall have no force or effect.

SEC. 102. REDUCTION OF DEFENSE DISCRETIONARY LIMITS.

    The discretionary limits set forth in section 251(c) of the 
Balanced Budget and Emergency Deficit Control Act of 1985 for the 
security category for fiscal years 2017 through 2021 are replaced with 
the following limits: for fiscal year 2017, $586,000,000,000; for 
fiscal year 2018, $595,000,000,000; for fiscal year 2019, 
$604,000,000,000; for fiscal year 2020, $614,000,000,000; and for 
fiscal year 2021, $624,000,000,000.

SEC. 103. PROTECTING VETERANS PROGRAMS FROM SEQUESTER.

    Section 256(e)(2)(E) of the Balanced Budget and Emergency Deficit 
Control Act of 1985 is repealed.

                     TITLE II--AGRICULTURAL SAVINGS

SEC. 201. ONE-YEAR EXTENSION OF AGRICULTURAL COMMODITY PROGRAMS, EXCEPT 
              DIRECT PAYMENT PROGRAMS.

    (a) Extension.--Except as provided in subsection (b) and 
notwithstanding any other provision of law, the authorities provided by 
each provision of title I of the Food, Conservation, and Energy Act of 
2008 (Public Law 110-246; 122 Stat. 1651) and each amendment made by 
that title (and for mandatory programs at such funding levels), as in 
effect on September 30, 2013, shall continue, and the Secretary of 
Agriculture shall carry out the authorities, until September 30, 2014.
    (b) Termination of Direct Payment Programs.--
            (1) Covered commodities.--The extension provided by 
        subsection (a) shall not apply with respect to the direct 
        payment program under section 1103 of the Food, Conservation, 
        and Energy Act of 2008 (7 U.S.C. 8713).
            (2) Peanuts.--The extension provided by subsection (a) 
        shall not apply with respect to the direct payment program 
        under section 1303 of the Food, Conservation, and Energy Act of 
        2008 (7 U.S.C. 7953).
    (c) Effective Date.--This section shall take effect on the earlier 
of--
            (1) the date of the enactment of this Act; and
            (2) September 30, 2013.

                    TITLE III--OIL AND GAS SUBSIDIES

SEC. 301. PROHIBITION ON USING LAST-IN, FIRST-OUT ACCOUNTING FOR MAJOR 
              INTEGRATED OIL COMPANIES.

    (a) In General.--Section 472 of the Internal Revenue Code of 1986 
is amended by adding at the end the following new subsection:
    ``(h) Major Integrated Oil Companies.--Notwithstanding any other 
provision of this section, a major integrated oil company (as defined 
in section 167(h)(5)(B)) may not use the method provided in subsection 
(b) in inventorying of any goods.''.
    (b) Effective Date and Special Rule.--
            (1) In general.--The amendment made by subsection (a) shall 
        apply to taxable years beginning after the date of the 
        enactment of this Act.
            (2) Change in method of accounting.--In the case of any 
        taxpayer required by the amendment made by this section to 
        change its method of accounting for its first taxable year 
        beginning after the date of the enactment of this Act--
                    (A) such change shall be treated as initiated by 
                the taxpayer,
                    (B) such change shall be treated as made with the 
                consent of the Secretary of the Treasury, and
                    (C) the net amount of the adjustments required to 
                be taken into account by the taxpayer under section 481 
                of the Internal Revenue Code of 1986 shall be taken 
                into account ratably over a period (not greater than 8 
                taxable years) beginning with such first taxable year.

SEC. 302. DEDUCTION FOR INCOME ATTRIBUTABLE TO DOMESTIC PRODUCTION 
              ACTIVITIES NOT ALLOWED WITH RESPECT TO OIL AND GAS 
              ACTIVITIES OF MAJOR INTEGRATED OIL COMPANIES.

    (a) In General.--Subparagraph (A) of section 199(d)(9) of the 
Internal Revenue Code of 1986 is amended by inserting ``(9 percent in 
the case of any major integrated oil company (as defined in section 
167(h)(5)(B)))'' after ``3 percent''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after the date of the enactment of 
this Act.

SEC. 303. LIMITATION ON DEDUCTION FOR INTANGIBLE DRILLING AND 
              DEVELOPMENT COSTS OF MAJOR INTEGRATED OIL COMPANIES.

    (a) In General.--Section 263(c) of the Internal Revenue Code of 
1986 is amended by adding at the end the following new sentence: ``This 
subsection shall not apply to amounts paid or incurred by a taxpayer in 
any taxable year in which such taxpayer is a major integrated oil 
company (as defined in section 167(h)(5)(B)).''.
    (b) Effective Date.--The amendment made by this section shall apply 
to amounts paid or incurred in taxable years beginning after the date 
of the enactment of this Act.

                       TITLE IV--THE BUFFETT RULE

SEC. 401. FAIR SHARE TAX ON HIGH-INCOME TAXPAYERS.

    (a) In General.--Subchapter A of chapter 1 of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new part:

          ``PART VII--FAIR SHARE TAX ON HIGH-INCOME TAXPAYERS

``SEC. 59B. FAIR SHARE TAX.

    ``(a) General Rule.--
            ``(1) Phase-in of tax.--In the case of any high-income 
        taxpayer, there is hereby imposed for a taxable year (in 
        addition to any other tax imposed by this subtitle) a tax equal 
        to the product of--
                    ``(A) the amount determined under paragraph (2), 
                and
                    ``(B) a fraction (not to exceed 1)--
                            ``(i) the numerator of which is the excess 
                        of--
                                    ``(I) the taxpayer's adjusted gross 
                                income, over
                                    ``(II) the dollar amount in effect 
                                under subsection (c)(1), and
                            ``(ii) the denominator of which is the 
                        dollar amount in effect under subsection 
                        (c)(1).
            ``(2) Amount of tax.--The amount of tax determined under 
        this paragraph is an amount equal to the excess (if any) of--
                    ``(A) the tentative fair share tax for the taxable 
                year, over
                    ``(B) the excess of--
                            ``(i) the sum of--
                                    ``(I) the regular tax liability (as 
                                defined in section 26(b)) for the 
                                taxable year,
                                    ``(II) the tax imposed by section 
                                55 for the taxable year, plus
                                    ``(III) the payroll tax for the 
                                taxable year, over
                            ``(ii) the credits allowable under part IV 
                        of subchapter A (other than sections 27(a), 31, 
                        and 34).
    ``(b) Tentative Fair Share Tax.--For purposes of this section--
            ``(1) In general.--The tentative fair share tax for the 
        taxable year is 30 percent of the excess of--
                    ``(A) the adjusted gross income of the taxpayer, 
                over
                    ``(B) the modified charitable contribution 
                deduction for the taxable year.
            ``(2) Modified charitable contribution deduction.--For 
        purposes of paragraph (1)--
                    ``(A) In general.--The modified charitable 
                contribution deduction for any taxable year is an 
                amount equal to the amount which bears the same ratio 
                to the deduction allowable under section 170 (section 
                642(c) in the case of a trust or estate) for such 
                taxable year as--
                            ``(i) the amount of itemized deductions 
                        allowable under the regular tax (as defined in 
                        section 55) for such taxable year, determined 
                        after the application of section 68, bears to
                            ``(ii) such amount, determined before the 
                        application of section 68.
                    ``(B) Taxpayer must itemize.--In the case of any 
                individual who does not elect to itemize deductions for 
                the taxable year, the modified charitable contribution 
                deduction shall be zero.
    ``(c) High-Income Taxpayer.--For purposes of this section--
            ``(1) In general.--The term `high-income taxpayer' means, 
        with respect to any taxable year, any taxpayer (other than a 
        corporation) with an adjusted gross income for such taxable 
        year in excess of $1,000,000 (50 percent of such amount in the 
        case of a married individual who files a separate return).
            ``(2) Inflation adjustment.--
                    ``(A) In general.--In the case of a taxable year 
                beginning after 2014, the $1,000,000 amount under 
                paragraph (1) shall be increased by an amount equal 
                to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for the 
                        calendar year in which the taxable year begins, 
                        determined by substituting `calendar year 2013' 
                        for `calendar year 1992' in subparagraph (B) 
                        thereof.
                    ``(B) Rounding.--If any amount as adjusted under 
                subparagraph (A) is not a multiple of $10,000, such 
                amount shall be rounded to the next lowest multiple of 
                $10,000.
    ``(d) Payroll Tax.--For purposes of this section, the payroll tax 
for any taxable year is an amount equal to the excess of--
            ``(1) the taxes imposed on the taxpayer under sections 
        1401, 1411, 3101, 3201, and 3211(a) (to the extent such taxes 
        are attributable to the rate of tax in effect under section 
        3101) with respect to such taxable year or wages or 
        compensation received during the taxable year, over
            ``(2) the deduction allowable under section 164(f) for such 
        taxable year.
    ``(e) Special Rule for Estates and Trusts.--For purposes of this 
section, in the case of an estate or trust, adjusted gross income shall 
be computed in the manner described in section 67(e).
    ``(f) Not Treated as Tax Imposed by This Chapter for Certain 
Purposes.--The tax imposed under this section shall not be treated as 
tax imposed by this chapter for purposes of determining the amount of 
any credit under this chapter (other than the credit allowed under 
section 27(a)) or for purposes of section 55.''.
    (b) Conforming Amendment.--Section 26(b)(2) of such Code is amended 
by redesignating subparagraphs (C) through (X) as subparagraphs (D) 
through (Y), respectively, and by inserting after subparagraph (B) the 
following new subparagraph:
                    ``(C) section 59B (relating to fair share tax),''.
    (c) Clerical Amendment.--The table of parts for subchapter A of 
chapter 1 of such Code is amended by adding at the end the following 
new item:

``Part VII--Fair Share Tax on High-Income Taxpayers''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2013.

                      TITLE V--SENSE OF THE HOUSE

SEC. 501. SENSE OF THE HOUSE ON THE NEED FOR A FAIR, BALANCED AND 
              BIPARTISAN APPROACH TO LONG-TERM DEFICIT REDUCTION.

    (a) The House finds that--
            (1) every bipartisan commission has recommended--and the 
        majority of Americans agree--that we should take a balanced, 
        bipartisan approach to reducing the deficit that addresses both 
        revenue and spending; and
            (2) sequestration is a meat-ax approach to deficit 
        reduction that imposes deep and mindless cuts, regardless of 
        their impact on vital services and investments.
    (b) It is the sense of the House that the Congress should replace 
the entire 10-year sequester established by the Budget Control Act of 
2011 with a balanced approach that would increase revenues without 
increasing the tax burden on middle-income Americans, and decrease 
long-term spending while maintaining the Medicare guarantee, protecting 
Social Security and a strong social safety net, and making strategic 
investments in education, science, research, and critical 
infrastructure necessary to compete in the global economy.

Summary: Stop the Sequester Job Loss Now Act Through 2014 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to repeal the FY2013-FY2014 sequesters. Makes the budgetary resources for FY2013, which were sequestered by the presidential sequestration order, available for obligation for the same purpose, in the same amount as otherwise would have been available on the date of enactment of this Act and before October 1, 2013, and in the same manner as if such order had not been issued. Reduces the defense discretionary spending limits for the security category for FY2017-FY2021. Eliminates the 2 maximum permissible reduction in budget authority for veterans' medical care. Extends through FY2014 agricultural commodity programs generally under the Food, Conservation, and Energy Act of 2008, but not the direct payment programs for wheat, corn, grain sorghum, barley, oats, upland cotton, long and medium grain rice, soybeans, other oilseeds, and peanuts. Amends the Internal Revenue Code to: (1) prohibit the use of the last-in, first out (LIFO) accounting method by major integrated oil companies, (2) deny such oil companies a tax deduction for income attributable to the domestic production of oil and gas, and (3) deny them also the tax deduction for intangible drilling and development costs. Requires an individual high-income taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30 of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year. Declares that it is the sense of the House that Congress should replace the entire 10-year sequester established by the Budget Control Act of 2011 with a balanced approach that would: (1) increase revenues without increasing the tax burden on middle-income Americans. And (2) decrease long-term spending while maintaining the Medicare guarantee, protecting Social Security and a strong social safety net, and making strategic investments in education, science, research, and critical infrastructure necessary to compete in the global economy.