Stop the Sequester Job Loss Now Act

Bill: 113-hr-699
Sponsor: Rep. Van Hollen, Chris [D-MD-8]
Introduced: 2013-02-14 in the House
Policy area: Economics and Public Finance
Subjects: Accounting and auditing
Agricultural prices, subsidies, credit
Budget deficits and national debt
Competitiveness, trade promotion, trade deficits
Corporate finance and management
Education programs funding
Employment taxes
Foreign and international corporations
Income tax credits
Income tax deductions
Income tax rates
Inflation and prices
Infrastructure development
Medicare
Oil and gas
Research administration and funding
Social security and elderly assistance
Taxation of foreign income
Veterans' education, employment, rehabilitation
Veterans' loans, housing, homeless programs
Veterans' medical care
Veterans' pensions and compensation

Summary:
action_date: 2013-02-14
text: 
Stop the Sequester Job Loss Now Act - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to repeal the FY2013 sequester and reduce the FY2014 sequester.
 
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, with respect to deductions from income, to set a special rule that a major integrated oil company's domestic production gross receipts shall not include any gross receipts from the production, refining, processing, transportation, or distribution of oil, natural gas, or any of their primary products.
 
Prohibits a major integrated oil company from using the last-in, first-out (LIFO) accounting method in inventorying goods.
 
Prescribes a special rule to limit the foreign tax credit and tax deferrals for amounts paid or accrued by a major integrated oil company that is a dual capacity taxpayer (a person subject to a levy of a foreign country or U.S. possession and receives, or will receive, directly or indirectly a specific economic benefit from such county or possession).
 
Requires an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum (fair share) 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.


Legislative actions:
action_date: 2013-03-01
text: Referred to the Subcommittee on General Farm Commodities and Risk Management.
action_date: 2013-02-14
text: 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.
action_date: 2013-02-14
text: 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.
action_date: 2013-02-14
text: 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.
action_date: 2013-02-14
text: Introduced in House
action_date: 2013-02-14
text: Introduced in House