Guard and Military Reservist Pay Security Act

Bill: 113-s-2958
Sponsor: full_name: Sen. Toomey, Patrick [R-PA]
Introduced: 2014-11-20
Policy area: Taxation
Subjects: Income tax credits

Inflation and prices

Military personnel and dependents

National Guard and reserves

Wages and earnings
Latest action: action_date: 2014-11-20
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2014-11-20
action_desc: Introduced in Senate
text: <p>Guard and Military Reservist Pay Security Act - Amends the Internal Revenue Code, with respect to the tax credit for differential wage payments to active duty members of the Uniformed Services, to: (1) make such credit permanent; (2) increase the rate of such credit to 100%; (3) require an annual adjustment for inflation to credit amounts&nbsp;after 2015; and (4) make such credit available to all employers, not just small business employers. </p>

tv_txt: II 113th CONGRESS 2d Session S. 2958 IN THE SENATE OF THE UNITED STATES November 20, 2014 Mr. Toomey introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to expand the employer wage credit for employees who are active duty members of the Uniformed Services.

1. Short title This Act may be cited as the Guard and Military Reservist Pay Security Act . 2. Expansion of employer wage credit for employees who are active duty members of the Uniformed Services (a) Permanent extension Section 45P of the Internal Revenue Code of 1986 is amended by striking subsection (f). (b) Expansion of credit (1) Expansion to 100 percent of eligible differential wage payments Subsection (a) of section 45P of the Internal Revenue Code of 1986 is amended by striking 20 percent of . (2) Adjustment for inflation Subsection (b) of section 45P of such Code is amended by adding at the end the following new paragraph: (4) Adjustment for inflation In the case of any taxable year beginning after 2015, the $20,000 amount in paragraph (1) shall be increased by an amount equal to— (A) such dollar amount, multiplied by (B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, by substituting calendar year 2014 for calendar year 1992 in subparagraph (B) thereof. If the amount as increased under the preceding sentence is not a multiple of $100, such amount shall be rounded to the nearest multiple of $100. . (3) Applicability to all employers (A) In general Subsection (a) of section 45P of such Code, as amended by paragraph (1), is amended by striking eligible small business employer and inserting eligible employer . (B) Conforming amendments Paragraph (3) of section 45P(b) of such Code is amended— (i) in subparagraph (A)— (I) by striking eligible small business employer and inserting eligible employer , and (II) by striking any employer which and all that follows and inserting any employer which, under a written plan of the employer, provides eligible differential wage payments to every qualified employee of the employer. , and (ii) by striking Eligible small business employer in the heading and inserting Eligible employer . (c) Effective date The amendments made by this section shall apply to payments made after December 31, 2014.