Working Taxpayer Fairness Restoration Act

Bill: 108-s-1162
Sponsor: Sen. Lincoln, Blanche L. [D-AR]
Introduced: 2003-06-02 in the Senate
Policy area: Taxation
Subjects: Administrative procedure
Affiliated corporations
Commerce
Corporate reorganizations
Corporation taxes
Department of the Treasury
Economics and Public Finance
Families
Finance and Financial Sector
Fines (Penalties)
Foreign Trade and International Finance
Foreign corporations
Foreign investments
Government Operations and Politics
Income tax
Interest
Internal revenue law
Law
Losses
Partnerships
Real estate investment
Securities
Stockholders
Stocks
Subsidiary corporations
Tax administration
Tax credits
Tax deductions
Tax evasion
Tax refunds
Tax returns
Tax shelters
Trusts and trustees
User charges
Working poor

Summary:
action_date: 2003-06-02
text: 
Working Taxpayer Fairness Restoration Act - Amends the Internal Revenue Code, with respect to the refundability of the child tax credit, to accelerate the increase to the 15 percent rate.
 
Limits, to fair market value immediately following a transaction, the importation of net built-in loss by a corporation.
 
Prohibits an allocation of any decrease in the adjusted basis of partnership property to stock in a corporation which is a partner in the partnership.
 
Repeals part V (Financial Asset Securitization Investment Trusts) of subchapter M (Regulated Investment Companies and Real Estate Investment Trusts).
 
Expands the definition of a disqualified debt instrument with respect to deduction disallowance on certain debt instruments of corporations.
 
Expands the authority to disallow deductions, credits, or other allowances under provisions disallowing such benefits due to acquisitions made to evade or avoid income tax.
 
Amends provisions affecting passive foreign investment companies to state that the term &quot;qualified portion&quot; (of a shareholder's holding period) does not include any period if there is only a remote likelihood of an inclusion in gross income under subpart F (Controlled Foreign Income).
 
Adds to the definition of the term &quot;real estate investment trust&quot; by stating that such term includes a corporation, trust, or association which is not a controlled entity.
 
Directs the Secretary to establish a program requiring the payment of user fees, until September 30, 2013, for: (1) requests to the Internal Revenue Service for ruling letters, opinion letters, and determination letters; and (2) other similar requests.


Legislative actions:
action_date: 2003-07-09
text: Motion to proceed to consideration of measure tabled in Senate by Yea-Nay Vote. 51 - 45. Record Vote Number: 266. (consideration: CR S9094-9095)
action_date: 2003-07-09
text: Motion to table the motion to proceed to the measure made in Senate.
action_date: 2003-07-09
text: Motion to proceed to consideration of measure made in Senate. (consideration: CR S9089-9090)
action_date: 2003-06-03
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 118.
action_date: 2003-06-02
text: Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
action_date: 2003-06-02
text: Sponsor introductory remarks on measure. (CR S7189-7190)
action_date: 2003-06-02
text: Introduced in Senate