H.R. 699: Stop the Sequester Job Loss Now Act

Introduced:
Feb 14, 2013 (113th Congress, 2013–2015)
Sponsor:
Rep. Chris Van Hollen Jr. [D-MD8]
Status:
Referred to Committee

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was assigned to a congressional committee on February 14, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Progress
Introduced Feb 14, 2013
Referred to Committee Feb 14, 2013
Reported by Committee ...
Passed House ...
Passed Senate ...
Signed by the President ...
Prognosis

1% chance of getting past committee.
1% chance of being enacted.

Only 11% of House bills made it past committee and only 3% were enacted in 2011–2013. [show factors | methodology]

Cosponsors
20 cosponsors (20D) (show)
Committees

House Agriculture

↪ General Farm Commodities and Risk Management

House Budget

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Balanced Budget and Emergency Deficit Control Act of 1985 to repeal and replace the fiscal year 2013 sequestration.

Summary

No summaries available.

Text

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Last updated Feb 14, 2013.
16 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

2/14/2013--Introduced.
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.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

Slip Laws

Slip laws refer to enacted bills and joint resolutions in their original form as enacted by Congress, that is, before other laws amend them. Slip laws are cited as “Public Law XXX-YYY”, where XXX is the number of the Congress in which the bill or resolution was introduced.

  • Public Law 110-246

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Statutes at Large

The United States Statutes at Large is the compilation of all laws enacted by Congress.

  • 122 Stat. 1651