Stop the Student Loan Interest Rate Hike Act of2012

Bill: 112-s-2343
Sponsor: Sen. Reid, Harry [D-NV]
Introduced: 2012-04-24 in the Senate
Policy area: Education
Subjects: Employment taxes
Government lending and loan guarantees
Higher education
Interest, dividends, interest rates
Self-employed
Service industries
Small business
Student aid and college costs

Summary:
action_date: 2012-04-24
text: 
Stop the Student Loan Interest Rate Hike Act of 2012 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to make the 3.4% interest rate on Direct Stafford loans first disbursed to undergraduate students between July 1, 2011, and July 1, 2012, applicable to Direct Stafford loans first disbursed to undergraduate students between July 1, 2011, and July 1, 2013. 
 
Amends the Internal Revenue Code and title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to require certain shareholders of a subchapter S corporation engaged as a partner in a professional service business to include income or loss attributable to such business in their net earnings from self-employment for employment tax purposes.
 
Restricts such tax treatment to shareholders whose modified adjusted gross income exceeds a specified amount that varies based on their tax filing status.
 
Defines a "professional service business" as any trade or business providing services in the fields of health, law, lobbying, engineering, architecture, accounting, actuarial science, performing arts, consulting, athletics, investment advice or management, or brokerage services.


Legislative actions:
action_date: 2012-05-24
text: Returned to the Calendar. Calendar No. 365.
action_date: 2012-05-24
text: Under the order of 5/23/12, not having achieved 60 votes in the affirmative, failed of passage in Senate by Yea-Nay Vote. 51 - 43. Record Vote Number: 113.
action_date: 2012-05-24
text: Failed of passage/not agreed to in Senate: Under the order of 5/23/12, not having achieved 60 votes in the affirmative, failed of passage in Senate by Yea-Nay Vote. 51 - 43. Record Vote Number: 113.
action_date: 2012-05-24
text: Measure laid before Senate by unanimous consent. (consideration: CR S3609-3611, S3611-3612)
action_date: 2012-05-24
text: Motion to proceed to consideration of measure agreed to in Senate. (consideration: CR S3609)
action_date: 2012-05-23
text: Motion by Senator Reid to reconsider the vote by which cloture was not invoked on the motion to proceed to the measure (Roll Call Vote No. 89) withdrawn in Senate by Unanimous Consent.
action_date: 2012-05-16
text: Motion to proceed to consideration of measure made in Senate. (consideration: CR S3181-3182)
action_date: 2012-05-15
text: Motion to proceed to consideration of measure made in Senate. (consideration: CR S3158)
action_date: 2012-05-09
text: Motion to proceed to consideration of measure made in Senate. (consideration: CR S2989-3035)
action_date: 2012-05-08
text: Motion by Senator Reid to reconsider the vote by which cloture was not invoked on the motion to proceed to the measure (Roll Call Vote No. 89) entered in Senate.
action_date: 2012-05-08
text: Cloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 52 - 45. Record Vote Number: 89. (consideration: CR H2944; text: CR H2944)
action_date: 2012-05-08
text: Motion to proceed to measure considered in Senate. (consideration: CR S2935-2944, H2944-2959)
action_date: 2012-05-07
text: Motion to proceed to measure considered in Senate. (consideration: CR S2892-2906)
action_date: 2012-04-26
text: Cloture motion on the motion to proceed to the measure presented in Senate. (consideration: CR S2799; text: CR S2799)
action_date: 2012-04-26
text: Motion to proceed to consideration of measure made in Senate. (consideration: CR S2799-2807)
action_date: 2012-04-24
text: Introduced in the Senate. Read twice. Ordered Placed on Senate Legislative Calendar under General Orders. Calendar No. 365. (text of measure as introduced: CR S2657-2658)
action_date: 2012-04-24
text: Introduced in Senate