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H.R.2350
American Values Tax Savings Plan for the 21st Century (Introduced in
the House)
TITLE VIII--REPEAL OF TELEPHONE EXCISE TAX
SEC. 801. REPEAL OF EXCISE TAX
ON TELEPHONE AND OTHER
COMMUNICATIONS SERVICES.
(a) IN GENERAL- Paragraph (2) of section 4251(b) is amended to read as
follows:
`For bills first rendered
--The applicable
during calendar year--
--percentage is--
--2.4
--1.8
--1.2
--0.6
--0.0.'
(b) EFFECTIVE DATE- The amendment made by this section shall apply to
amounts paid pursuant to bills first rendered after December 31, 1999.
SEC. 802. SENSE OF CONGRESS TO REPEAL FEDERAL COMMUNICATIONS COMMISSION
E-RATE DISCOUNT PROGRAM FOR SCHOOLS AND LIBRARIES.
It is the sense of the Congress that the Federal Communications Commission
E-rate discount program for schools and libraries should be terminated.
TITLE IX--EXTENSION OF EXPIRING PROVISIONS
SEC. 901. RESEARCH CREDIT.
(1) IN GENERAL- Paragraph (1) of section 41(h) (relating to termination)
is amended--
(A) by striking `June 30, 1999' and inserting `June 30,
2004';
(B) by striking `36-month' and inserting `96-month'; and
(C) by striking `36 months' and inserting `96 months'.
(2) TECHNICAL AMENDMENT- Subparagraph (D) of section 45C(b)(1) is
amended by striking `June 30, 1999' and inserting `June 30, 2004'.
(3) EFFECTIVE DATE- The amendments made by this subsection shall apply
to amounts paid or incurred after June 30, 1999.
(b) INCREASE IN PERCENTAGES UNDER ALTERNATIVE INCREMENTAL CREDIT-
(1) IN GENERAL- Subparagraph (A) of section 41(c)(4) is amended--
(A) by striking `1.65 percent' and inserting `2.65 percent',
(B) by striking `2.2 percent' and inserting `3.2 percent',
and
(C) by striking `2.75 percent' and inserting `3.75 percent'.
(2) EFFECTIVE DATE- The amendments made by this subsection shall apply
to taxable years beginning after June 30, 1999.
SEC. 902. WORK OPPORTUNITY CREDIT.
(a) TEMPORARY EXTENSION- Subparagraph (B) of section 51(c)(4) (relating to
termination) is amended by striking `June 30, 1999' and inserting `June 30,
2000'.
(b) CERTAIN BENEFITS TREATED AS WAGES ELIGIBLE FOR CREDIT- Subsection (c)
of section 51 is amended by redesignating paragraphs (3) and (4) as paragraphs
(4) and (5), respectively, and by inserting after paragraph (2) the following
new paragraph:
`(3) CERTAIN AMOUNTS TREATED AS WAGES- The term `wages' includes amounts
paid or incurred by the employer which are excludable from the employee's
gross income under--
`(A) section 105 (relating to amounts received under accident and
health plans),
`(B) section 106 (relating to contributions by employer to accident
and health plans),
`(C) section 127 (relating to educational assistance programs) or
would be so excludable but for section 127(d), but only to the extent paid
or incurred to a person not related to the employer, or
`(D) section 129 (relating to dependent care assistance
programs).
The amount treated as wages by subparagraph (A) or (B) for any period
shall be based on the reasonable cost of coverage for the period, but shall
not exceed the applicable premium for the period under section
4980B(f)(4).'
(c) CONSOLIDATION OF WELFARE-TO-WORK TAX CREDIT AND WORK OPPORTUNITY TAX CREDIT-
(1) IN GENERAL- Paragraph (1) of section 51(d) is amended by striking
`or' at the end of subparagraph (G), by striking the period at the end of
subparagraph (H) and inserting `, or', and by adding at the end the
following new subparagraph:
`(I) a long-term family assistance recipient.'
(2) DEFINITION- Subsection (d) of section 51 is amended by redesignating
paragraphs (10), (11), and (12) as paragraphs (11), (12), and (13),
respectively, and by inserting after paragraph (9) the following new
paragraph:
`(10) LONG-TERM FAMILY ASSISTANCE RECIPIENT-
`(A) IN GENERAL- The term `long-term family assistance recipient'
means any individual who is certified by the designated local
agency--
`(i) as being a member of a family receiving assistance under a IV-A
program for at least the 18-month period ending on the hiring
date,
`(ii)(I) as being a member of a family receiving such assistance for
at least 18 months beginning after August 5, 1997, and
`(II) as having a hiring date which is not more than 2 years after
the end of the 18th month beginning after August 5, 1997, that the
individual is a member of a family receiving such assistance,
or
`(iii)(I) as being a member of a family which ceased to be eligible
after August 5, 1997, for such assistance by reason of any limitation
imposed by Federal or State law on the maximum period such assistance is
payable to a family, and
`(II) as having a hiring date which is not more than 2 years after
the date of such cessation.
`(B) SPECIAL RULES FOR DETERMINING AMOUNT OF CREDIT- For purposes of
applying this subpart to wages paid or incurred to any long-term family
assistance recipient--
`(i) the credit determined under this section shall include 40
percent of the qualified second-year wages for the taxable
year,
`(ii) notwithstanding subsection (b)(3), the amount of the qualified
first-year wages, and the amount of qualified second-year wages, which
may be taken into account with respect to any individual shall not
exceed $10,000 per year, and
`(iii) paragraph (1) of subsection (h) shall be applied by
substituting `$10,000' for `$6,000' in subparagraph (A) and `$833.33'
for `$500' in subparagraph (B).
`(C) QUALIFIED SECOND-YEAR WAGES- For purposes of subparagraph (B),
the term `qualified second-year wages' means, with respect to any
individual, qualified wages attributable to service rendered during the
1-year period beginning on the day after the last day of the 1-year period
with respect to such individual determined under subsection
(b)(2).'
(3) REPEAL OF SEPARATE WELFARE-TO-WORK CREDIT-
(A) Section 51A is hereby repealed.
(B) The table of sections for subpart E of part IV of subchapter A of
chapter 1 is amended by striking the item relating to section
51A.
(d) CLARIFICATION OF FIRST YEAR OF EMPLOYMENT- Paragraph (2) of section
51(i) is amended by striking `during which he was not a member of a targeted
group'.
(e) TECHNICAL CORRECTION- Subparagraph (B) of section 51(d)(2) is
amended--
(1) by striking `plan approved' and inserting `program funded',
and
(2) by striking `(relating to assistance for needy families with minor
children)'.
(1) IN GENERAL- Except as otherwise provided in this subsection, the
amendments made by this section shall apply to individuals who begin work
for the employer after June 30, 1999.
(2) CLARIFICATION- The amendment made by subsection (d) shall apply to
individuals who begin work for the employer after June 30, 1999.
(3) TECHNICAL CORRECTION- The amendment made by subsection (e) shall
take effect as if included in the amendments made by section 1201 of the
Small Business Job Protection Act of 1996.
SEC. 903. SUBPART F EXEMPTION FOR ACTIVE FINANCING INCOME.
(a) IN GENERAL- Sections 953(e)(10) and 954(h)(9) are each amended by
striking `January 1, 2000' and inserting `January 1, 2001'.
(b) EFFECTIVE DATE- The amendment made by this section shall apply to
taxable years beginning after December 31, 1999.
TITLE X--PAY-GO REFORM
SEC. 1001. SPECIAL PAY-AS-YOU-GO RULE.
Section 252 of the Balanced Budget and Emergency Deficit Control Act of
1985 is amended by adding at the end the following new subsections:
`(f) SPECIAL RULE ON INTERRELATIONSHIP BETWEEN SECTIONS 251(c) and 252- If
legislation is enacted that--
`(1) reduces receipts; and
`(2) decreases the discretionary spending limits for budget authority
and outlays for the fiscal years set forth in section 251(c) of the Balanced
Budget and Emergency Deficit Control Act of 1985 for which there is such a
reduction in receipts;
then, for purposes of subsection (b), an amount equal to that decrease in
the discretionary spending limit for outlays shall be treated as direct
spending legislation decreasing the deficit for that fiscal year.
`(g) SPECIAL RULE FOR TREATMENT OF BUDGET SURPLUSES- For purposes of
subsection (b), the amount, if any, designated by OMB in the pay-as-you-go
sequestration preview report as the projected budget surplus for the current
year shall be treated for purposes of offsetting any receipts legislation as
direct spending legislation decreasing the deficit for that fiscal year.'.
SEC. 1002. ADDITIONAL REPORTING REQUIREMENT.
Section 254(c)(3) of the Balanced Budget and Emergency Deficit Control Act
of 1985 is amended by adding at the end the following new subparagraph:
`(D) The projected budget surplus, if any.'.
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