Posted on 06/11/2007 4:03:37 PM PDT by pissant
To amend the Internal Revenue Code of 1986 to provide investment incentives for any corporation with a majority of its manufacturing operations in the United States.
IN THE HOUSE OF REPRESENTATIVES
November 22, 1993 Mr. HUNTER (for himself, Mr. EVERETT, Ms. KAPTUR, and Mr. TRAFICANT) introduced the following bill; which was referred to the Committee on Ways and Means
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A BILL To amend the Internal Revenue Code of 1986 to provide investment incentives for any corporation with a majority of its manufacturing operations in the United States.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Jobs Friendly America Act'.
SEC. 2. ACCELERATED DEPRECIATION FOR EQUIPMENT USED TO MANUFACTURE OR DEVELOP PRODUCTS IN THE UNITED STATES.
(a) IN GENERAL- Subparagraph (A) of section 168(e)(3) of the Internal Revenue Code of 1986 (relating to classification of property) is amended by striking `and' at the end of clause (i), by striking the period at the end of clause (ii) and inserting `, and', and by adding at the end the following new clause:
`(iii) any tool of production of a qualifying corporation (as defined in subsection (i)(14)) used by such corporation to manufacture or develop products in the United States.'
(b) QUALIFYING CORPORATION- Subsection (i) of section 168 of such Code is amended by adding at the end the following new paragraph:
`(14) QUALIFYING CORPORATION-
`(A) IN GENERAL- The term `qualifying corporation' means any corporation having a majority of its manufacturing equipment in the United States.
`(B) CONTROLLED GROUPS- For purposes of subparagraph (A), all corporations which are members of the same controlled group of corporations shall be treated as 1 corporation. For purposes of the preceding sentence, the term `controlled group of corporations' has the meaning given such term by section 1563(a); except that--
`(i) `more than 10 percent' shall be substituted for `at least 80 percent' each place it appears in section 1563(a)(1), and
`(ii) section 1563(b)(2) shall be applied without regard to subparagraph (C) thereof.'
(c) EFFECTIVE DATE- The amendments made by this section shall apply to property placed in service after December 31, 1993.
SEC. 3. REDUCTION IN CORPORATE CAPITAL GAINS RATE.
(a) GENERAL RULE- Section 1201 of the Internal Revenue Code of 1986 (relating to alternative tax for corporations) is amended by redesignating subsection (b) as subsection (c), and by striking subsection (a) and inserting the following:
`(a) GENERAL RULE- If for any taxable year a qualifying corporation (as defined in section 168(i)(14)) has a net capital gain, then, in lieu of the tax imposed by section 11, 511, or 831(a) (whichever applies), there is hereby imposed a tax (if such tax is less than the tax imposed by such section) which shall consist of the sum of--
`(1) a tax computed on the taxable income reduced by the net capital gain, at the same rates and in the same manner as if this subsection had not been enacted, plus
`(2) a tax of 15 percent of the net capital gain.
`(b) TRANSITIONAL RULE- In the case of a taxable year which includes the date of the enactment of this paragraph, the amount of the net capital gain for purposes of subsection (a) shall not exceed the net capital gain determined by only taking into account gains and losses properly taken into account for the portion of the taxable year after such date.'
(b) TECHNICAL AMENDMENTS-
(1) Clause (iii) of section 852(b)(3)(D) of such Code is amended by striking `65 percent' and inserting `85 percent'.
(2) Paragraphs (1) and (2) of section 1445(e) of such Code are each amended by striking `35 percent' and inserting `15 percent'.
(c) EFFECTIVE DATE- The amendments made by this section shall apply to sales and exchanges occurring after the date of the enactment of this Act in taxable years ending after such date.
SEC. 4. REDUCTION IN INDIVIDUAL CAPITAL GAINS RATE.
(a) GENERAL RULE- Subsection (h) of section 1 of the Internal Revenue Code of 1986 (relating to maximum capital gains rate) is amended to read as follows:
`(h) MAXIMUM CAPITAL GAINS RATE-
`(1) IN GENERAL- If a taxpayer has a net capital gain for any taxable year, then the tax imposed by this section shall not exceed the sum of--
`(A) a tax computed at the rates and in the same manner as if this subsection had not been enacted on the taxable income reduced by the net capital gain, plus
`(B) a tax equal to the sum of--
`(i) 7.5 percent of so much of the net capital gain as does not exceed--
`(I) the maximum amount of taxable income to which the 15-percent rate applies under the table applicable to the taxpayer, reduced by
`(II) the taxable income to which subparagraph (A) applies, plus
`(ii) 15 percent of the net capital gain in excess of the net capital gain to which clause (i) applies.
`(2) TRANSITIONAL RULE- In the case of a taxable year which includes the date of the enactment of this paragraph, the amount of the net capital gain for purposes of paragraph (1) shall not exceed the net capital gain determined by only taking into account gains and losses properly taken into account for the portion of the taxable year after such date.'
(b) TECHNICAL AMENDMENTS-
(1) Paragraph (1) of section 170(e) of such Code is amended by striking `the amount of gain' in the material following subparagraph (B)(ii) and inserting `13/28 (19/34 in the case of a corporation) of the amount of gain'.
(2)(A) The second sentence of section 7518(g)(6)(A) of such Code is amended by striking `28 percent (34 percent in the case of a corporation)' and inserting `15 percent'.
(B) The second sentence of section 607(h)(6)(A) of the Merchant Marine Act, 1936, is amended by striking `28 percent (34 percent in the case of a corporation)' and inserting `15 percent'.
(c) EFFECTIVE DATE- The amendments made by this section shall apply to sales and exchanges occurring after the date of the enactment of this Act in taxable years ending after such date.
SEC. 5. REPEAL OF DEFERRAL ON FOREIGN EARNINGS.
(a) IN GENERAL- Subparagraph (A) of section 956A(c)(1) of the Internal Revenue Code of 1986 is amended to read as follows:
`(A) the average of the amounts of--
`(i) passive assets, and
`(ii) post-1993 foreign investments,
held by such corporation as of the close of each quarter of such taxable year, over.'
(b) POST-1993 FOREIGN INVESTMENT- Subsection (c) of section 956A of such Code is amended by redesignating paragraph (3) as paragraph (4) and by inserting after paragraph (2) the following new paragraph:
`(3) POST-1993 FOREIGN INVESTMENT- For purposes of this subsection, the term `post-1993 foreign investment' means any asset (other than United States property as defined in section 956) acquired by the controlled foreign corporation after December 31, 1993.'
(c) EFFECTIVE DATE- The amendments made by this section shall apply to taxable years of controlled foreign corporations ending after December 31, 1993.
Well it’s not there yet, but it’s packing its bags.
Another $25 for Hunter. You know, if people quit whining about national polls from the New-York-City-is-the-center-of-the-universe crowd, and instead sent him a few bucks he could get that visibility more quickly...
A little glitz is fine; but we want solid and Duncan’s got that. This man doesn’t appear to waiver on his principles. I like that. I believe he will actually do something about illegal immigration and he has been in Congress long enough to know how tempting things can be.
Thompson/Hunter 2008
Hunter is about as glitz as John Wayne in True Grit. :o)
Not the worst case scenario, by any means.
Giggle. I love it.
We know that he will do something about illegal immigration because he has. He’s the one who got the fence built in San Diego and wrote the law that extends it over 800 miles across our southern border. If he could do that much to fight against illegals as a congressman, imagine what he could do as president.
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