S. 278: Job Preservation and Sequester Replacement Act of 2013

Introduced:
Feb 11, 2013 (113th Congress, 2013–2015)
Sponsor:
Sen. Sheldon Whitehouse [D-RI]
Status:
Referred to Committee

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was assigned to a congressional committee on February 11, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Progress
Introduced Feb 11, 2013
Referred to Committee Feb 11, 2013
Reported by Committee ...
Passed Senate ...
Passed House ...
Signed by the President ...
Prognosis

1% chance of getting past committee.
0% chance of being enacted.

Only 12% of Senate bills made it past committee and only 2% were enacted in 2011–2013. [show factors | methodology]

Cosponsors
7 cosponsors (6D, 1I) (show)
Committees

Senate Finance

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

Full Title

A bill to replace the Budget Control Act sequester for fiscal year 2013 by eliminating tax loopholes.

Summary

No summaries available.

Text

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Last updated Feb 11, 2013.
30 pages

Primary Source

View on THOMAS (The Library of Congress)

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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.

2/11/2013--Introduced.
Job Preservation and Sequester Replacement Act of 2013 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to modify the formula for calculating total deficit reduction requirements for FY2013. Amends the American Taxpayer Relief Act of 2012 to repeal the requirement that the President order a sequestration (automatic cuts in discretionary spending) for FY2013. Amends the Internal Revenue Code to:
(1) require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum 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;
(2) require a shareholder of a subchapter S corporation engaged in a professional service business to include all items of income or loss attributable to such business in determining such shareholder's net earnings from self-employment for purposes of computing employment tax liability;
(3) increase the recovery period for the depreciation of general aviation aircraft (defined as any airplane or helicopter not used in commercial or contract carrying of passengers or freight, but which primarily engages in the carrying of passengers); and
(4) include in foreign base company income, for purposes of determining the foreign trade income of controlled foreign corporations, imported property income.
Limits or repeals certain tax benefits for major integrated oil companies (defined as companies with annual gross receipts over $1 billion and an average daily worldwide production of crude oil of at least 500,000 barrels), including:
(1) the foreign tax credit for companies that are dual capacity taxpayers;
(2) the tax deduction for income attributable to the production, refining, processing, transportation, or distribution of oil, natural gas, or primary products thereof;
(3) the tax deduction for intangible drilling and development costs;
(4) the percentage depletion allowance for oil and gas wells; and
(5) the tax deduction for qualified tertiary injectant expenses.
Amends the Energy Policy Act of 2005 to repeal royalty relief (suspension of royalties) for:
(1) natural gas production from deep wells in shallow waters of the Gulf of Mexico; and
(2) deep water oil and gas production in the Western and Central Planning Area of the Gulf (including the portion of the Eastern Planning Area encompassing whole lease blocks lying west of 87 degrees, 30 minutes west longitude).

House Republican Conference Summary

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House Democratic Caucus Summary

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

Slip Laws

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United States Code

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