I 
113TH CONGRESS 
1ST SESSION H. R. 2060 
To amend the Balanced Budget and Emergency Deficit Control Act of 1985 
to restore for the remainder of fiscal year 2013 budgetary resources 
sequestered on March 1, 2013, for that fiscal year, and for other pur-
poses. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 20, 2013 
Mr. VAN HOLLEN introduced the following bill; which was referred to the 
Committee on Ways and Means, and in addition to the Committees on 
the Budget and Agriculture, for a period to be subsequently determined 
by the Speaker, in each case for consideration of such provisions as fall 
within the jurisdiction of the committee concerned 
A BILL 
To amend the Balanced Budget and Emergency Deficit Con-
trol Act of 1985 to restore for the remainder of fiscal 
year 2013 budgetary resources sequestered on March 
1, 2013, for that fiscal year, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Stop the Sequester 
Job Loss Now Act Through 2014’’. 
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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 inte-
grated 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’’. 
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(3) Paragraphs (5) and (6) of such section are 
amended by striking ‘‘2013’’ and inserting ‘‘2015’’. 
(b) DEFENSE AND NONDEFENSE FUNCTION REDUC-
TIONS.—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.—Not-
withstanding the Presidential sequestration order for fis-
cal 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 re-
sources 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 begin-
ning on the date of enactment of this Act and before Octo-
ber 1, 2013, and in the same manner as if such order 
had not been issued. 
(e) CONFORMING CHANGE.—Upon the date of enact-
ment 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 
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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 LIM-
ITS. 
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 SE-
QUESTER. 
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 COM-
MODITY PROGRAMS, EXCEPT DIRECT PAY-
MENT PROGRAMS. 
(a) EXTENSION.—Except as provided in subsection 
(b) and notwithstanding any other provision of law, the 
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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 au-
thorities, until September 30, 2014. 
(b) TERMINATION
OF
DIRECT
PAYMENT
PRO-
GRAMS.— 
(1) COVERED
COMMODITIES.—The extension 
provided by subsection (a) shall not apply with re-
spect 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 sub-
section (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. 
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TITLE III—OIL AND GAS 
SUBSIDIES 
SEC. 301. PROHIBITION ON USING LAST-IN, FIRST-OUT AC-
COUNTING FOR MAJOR INTEGRATED OIL 
COMPANIES. 
(a) IN GENERAL.—Section 472 of the Internal Rev-
enue Code of 1986 is amended by adding at the end the 
following new subsection: 
‘‘(h) MAJOR INTEGRATED OIL COMPANIES.—Not-
withstanding 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 sub-
section (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 ac-
counting for its first taxable year beginning after the 
date of the enactment of this Act— 
(A) such change shall be treated as initi-
ated by the taxpayer, 
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(B) such change shall be treated as made 
with the consent of the Secretary of the Treas-
ury, and 
(C) the net amount of the adjustments re-
quired 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) be-
ginning with such first taxable year. 
SEC. 302. DEDUCTION FOR INCOME ATTRIBUTABLE TO DO-
MESTIC PRODUCTION ACTIVITIES NOT AL-
LOWED WITH RESPECT TO OIL AND GAS AC-
TIVITIES OF MAJOR INTEGRATED OIL COM-
PANIES. 
(a) IN GENERAL.—Subparagraph (A) of section 
199(d)(9) of the Internal Revenue Code of 1986 is amend-
ed by inserting ‘‘(9 percent in the case of any major inte-
grated 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. 
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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 tax-
able 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— 
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‘‘(A) the amount determined under para-
graph (2), and 
‘‘(B) a fraction (not to exceed 1)— 
‘‘(i) the numerator of which is the ex-
cess 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 de-
termined 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 tax-
able year, 
‘‘(II) the tax imposed by section 
55 for the taxable year, plus 
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‘‘(III) the payroll tax for the tax-
able 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 tax-
payer, 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 chari-
table 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 deduc-
tions allowable under the regular tax (as 
defined in section 55) for such taxable 
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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 tax-
payer’ 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 tax-
able 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 de-
termined under section 1(f)(3) for the cal-
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endar year in which the taxable year be-
gins, determined by substituting ‘calendar 
year 2013’ for ‘calendar year 1992’ in sub-
paragraph (B) thereof. 
‘‘(B) ROUNDING.—If any amount as ad-
justed 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 CHAP-
TER FOR CERTAIN PURPOSES.—The tax imposed under 
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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), respec-
tively, and by inserting after subparagraph (B) the fol-
lowing 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 rec-
ommended—and the majority of Americans agree— 
that we should take a balanced, bipartisan approach 
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to reducing the deficit that addresses both revenue 
and spending; and 
(2) sequestration is a meat-ax approach to def-
icit reduction that imposes deep and mindless cuts, 
regardless of their impact on vital services and in-
vestments. 
(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. 
Æ 
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