Stop the Sequester Job Loss Now Act Through 2014

Bill: 113-hr-2060
Sponsor: Rep. Van Hollen, Chris [D-MD-8]
Introduced: 2013-05-20 in the House
Policy area: Economics and Public Finance
Subjects: Accounting and auditing
Agricultural prices, subsidies, credit
Appropriations
Budget deficits and national debt
Budget process
Corporate finance and management
Defense spending
Education programs funding
Executive agency funding and structure
Income tax deductions
Income tax rates
Infrastructure development
Medicare
Oil and gas
Research administration and funding
Social security and elderly assistance
Veterans' education, employment, rehabilitation
Veterans' loans, housing, homeless programs
Veterans' medical care
Veterans' pensions and compensation

Summary:
action_date: 2013-05-20
text: 
Stop the Sequester Job Loss Now Act Through 2014 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to repeal the FY2013-FY2014 sequesters.
 
Makes the budgetary resources for FY2013, which were sequestered by the presidential sequestration order, available for obligation for the same purpose, in the same amount as otherwise would have been available on the date of enactment of this Act and before October 1, 2013, and in the same manner as if such order had not been issued.
 
Reduces the defense discretionary spending limits for the security category for FY2017-FY2021.
 
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 to: (1) prohibit the use of the last-in, first out (LIFO) accounting method by major integrated oil companies, (2) deny such oil companies a tax deduction for income attributable to the domestic production of oil and gas, and (3) deny them also the tax deduction for intangible drilling and development costs.
 
Requires an individual high-income taxpayer whose adjusted gross income exceeds $1 million (adjusted annually for inflation) 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: 2013-05-20
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: 2013-05-20
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: 2013-05-20
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: 2013-05-20
text: Introduced in House
action_date: 2013-05-20
text: Introduced in House