Economic Recovery Act of 2003

Bill: 108-s-414
Sponsor: Sen. Daschle, Thomas A. [D-SD]
Introduced: 2003-02-14 in the Senate
Policy area: Taxation
Subjects: Administrative procedure
Airports
Aliens
Ambulances
Block grants
Broadband
Business records
Chemical warfare
Civil Rights and Liberties, Minority Issues
Civil defense
Commerce
Confidential communications
Congress
Congressional reporting requirements
Corporation taxes
Department of the Treasury
Depreciation and amortization
Education
Elementary and secondary education
Emergency Management
Emergency medicine
Employee health benefits
English language
Enterprise zones
Federal-Indian relations
Federal-state relations
Finance and Financial Sector
Fire departments
Foreign tax credit
Government Operations and Politics
Government trust funds
Grants-in-aid
Health
Health insurance
Housing and Community Development
Immigrant education
Immigration
Income tax
Indian education
Infrastructure
Injunctions
Interest
Intergovernmental fiscal relations
Internet
Investment tax credit
Labor and Employment
Labor statistics
Law enforcement officers
Local finance
Mass rapid transit
Medicaid
Medical personnel
Metropolitan areas
Minimum tax
Minorities
Native Americans
Nuclear power plants
Nuclear security measures
Paramedical personnel
Port authorities
Revenue sharing
Right of privacy
Rural economic development
Rural education
Scholarships
Science, Technology, Communications
Small business
Social Welfare
State finance
Student loan funds
Tax consultants
Tax credits
Tax deductions
Tax penalties
Tax preparers
Tax rates
Tax shelters
Teachers
Telecommunication systems
Telephone
Territories (U.S.)
Transportation and Public Works
Trusts and trustees
Unemployment
Unemployment insurance
Urban affairs
Urban economic development
Wireless communication

Summary:
action_date: 2003-02-14
text: Economic Recovery Act of 2003 - Amends the Internal Revenue Code to require the Secretary of the Treasury to pay to each eligible taxpayer ten percent of the eligible portion of the taxpayer's adjusted gross income.
Specifies business tax cuts, including an increase in bonus depreciation and expensing, a tax credit for employee health insurance expenses, and a tax credit with respect to qualified equipment providing subscribers with current or next generation broadband Internet access.
Makes appropriations and requires the Secretary to make specified allotments to each of the States on the basis of relative population for fiscal relief.
First Responders Partnership Grant Act of 2003 - Authorizes the Secretary of Homeland Security to make grants to States, local governments, and Indian tribes to support public safety officers in their efforts to protect homeland security and prevent and respond to acts of terrorism.
Makes appropriations for education programs under the Elementary and Secondary Education Act of 1965.
Provides for specified adjustments of Medicaid Federal Medical Assistance Percentage (FMAP) under title XIX (Medicaid) of the Social Security Act, and increases in the cap on Medicaid payments to territories.
Makes appropriations to the Secretary of Transportation for specified transportation infrastructure.
Amends the Temporary Extended Unemployment Compensation Act of 2002 to extend unemployment compensation. Authorizes States to enter agreements with the Secretary of Labor under which the Secretary, through the States, shall pay temporary enhanced regular unemployment compensation to eligible individuals.
Amends the Internal Revenue Code to revise certain tax penalties regarding transactions both reportable and nonreportable, and establish a penalty for promoters of tax shelters, in order to limit the use of tax shelters.

Legislative actions:
action_date: 2003-02-24
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 21.
action_date: 2003-02-14
text: Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time. (text of measure as introduced: CR S2523-2537)
action_date: 2003-02-14
text: Introduced in Senate