H.R. 3090 (107th): Job Creation and Worker Assistance Act of 2002

Oct 11, 2001 (107th Congress, 2001–2002)
Signed by the President
Slip Law:
This bill became Pub.L. 107-147.
William “Bill” Thomas
Representative for California's 21st congressional district
Read Text »
Last Updated
Mar 08, 2002
43 pages
Related Bills
H.Res. 360 (rule)

Agreed To (Simple Resolution)
Mar 07, 2002

H.Res. 270 (rule)

Agreed To (Simple Resolution)
Oct 24, 2001


This bill was enacted after being signed by the President on March 9, 2002.

Introduced Oct 11, 2001
Referred to Committee Oct 11, 2001
Reported by Committee Oct 12, 2001
Passed House Oct 24, 2001
Passed Senate with Changes Feb 14, 2002
House Agreed to Changes Mar 07, 2002
Senate Agreed to Changes Mar 08, 2002
Signed by the President Mar 09, 2002
Full Title

To provide tax incentives for economic recovery.


No summaries available.

Oct 24, 2001 4:07 p.m.
Failed 166/261
Oct 24, 2001 4:50 p.m.
Passed 216/214
Nov 14, 2001 5:42 p.m.
Motion Rejected 51/47
On the Senate Amendment
Mar 07, 2002 12:46 p.m.
Passed 417/3


House Ways and Means

Senate Finance

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Primary Source

THOMAS.gov (The Library of Congress)

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H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

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.

3/7/2002--House agreed to Senate amendment with amendment.
Job Creation and Worker Assistance Act of 2002 -
Title I - Business Provisions
Amends the Internal Revenue Code (IRC) to allow an additional first year 30 percent depreciation allowance for property which has a recovery period of 20 years or less, is water utility property, or computer software, and which was acquired between September 10, 2001, and September 11, 2004, and is placed in service before January 1, 2005.
Allows certain other property to qualify for such allowance under certain conditions if it has a recovery period of at least ten years or is transportation property.
Section 102 -
Extends the net operating loss carryback period from two to five years for such business losses arising between September 10, 2001, and September 11, 2004. Provides a temporary suspension of a specified limit on certain carryovers of such losses for purposes of an alternative tax deduction on them.
Title II - Unemployment Assistance
Temporary Extended Unemployment Compensation Act of 2002 - Allows States to opt to enter into agreements for a program of temporary extended unemployment compensation (TEUC), which extends UC for up to an additional 13 weeks for individuals who have exhausted their 26 weeks of regular UC coverage.
Section 202 -
Sets forth TEUC program requirements for Federal-State agreements, coordination with other UC benefits, formulae for determining amounts in individual TEUC accounts and weekly benefits, payments to States, and financing.Requires the State agencies that opt to make TEUC agreements to make them to individuals who:
(1) either first exhausted all rights to regular compensation under State or Federal law with respect to a benefit year (excluding any benefit year ending before March 15, 2001); and
(2) do not have any rights to regular compensation under the State law of any other State, and are not receiving compensation under the unemployment compensation law of any other country.
Section 208 -
Applies TEUC agreements with States to weeks of unemployment: (1) beginning on or after the first day of the first week after the date on which such agreement is entered into; and (2) ending before January 6, 2003.
Section 209 -
Amends the Social Security Act to provide for a special transfer of funds in FY 2002 from the Federal unemployment account to State accounts in the Unemployment Trust Fund.
Title III - Tax Incentives for New York City and Distressed Areas
Amends the IRC to expand work opportunity tax credit targeted categories to include certain New York Liberty Zone business employees, with respect to the period between September 10, 2001, and January 1, 2003, as members of a targeted group.
Defines the Zone as the area located on or south of Canal Street, East Broadway (east of its intersection with Canal Street), or Grand Street (east of its intersection with East Broadway) in the Borough of Manhattan in the City of New York (NYC). Includes, under certain conditions, business employees of any trade or business located in NYC outside the Zone, as a result of the physical destruction or damage of such place of business by the September 11, 2001, terrorist attack.
Section 301 -
Includes a special allowance in the depreciation deduction for certain property in the Zone acquired after September 10, 2001.Provides a five-year recovery period for depreciation of certain leasehold improvement property in the Zone.Provides for the treatment of a qualified Zone bond as a tax-exempt facility bond.
Requires such a bond to be issued for projects to acquire, build, rebuild, and renovate residential rental, nonresidential real, and public utility property in the Zone, or certain nonresidential real property elsewhere NYC if specified conditions are met.Provides for advance refunding of certain tax-exempt bonds used to finance facilities within NYC (or property functionally related and subordinate to facilities within NYC for the furnishing of water).Provides for an increase in IRC section 179 expensing allowed with respect to qualified NY Liberty Zone property placed in service during the taxable year.Extends from two years to five years the replacement period for nonrecognition of gain with respect to property which is compulsorily or involuntarily converted as a result of the terrorist attacks on September 11, 2001, in the Zone, if substantially all of the use of the replacement property is in NYC.Sets forth special rules to allow the Zone business employee credit against regular and minimum tax.
Title IV - Miscellaneous and Technical Provisions
Subtitle A - General Miscellaneous Provisions
Amends IRC to allow electronic 1099 forms.
Section 402 -
Provides that income from the discharge of indebtedness of an S corporation that is excluded from the S corporation's income is not taken into account as an item of income by any shareholder and therefore does not increase the basis of any shareholder's stock in the corporation.
Section 403 -
Revises requirements concerning the nonaccrual experience method of accounting to make it available only for amounts to be received for the performance of qualified services (health, law, engineering, architecture, accounting, actuarial science, performing arts or consulting) and for services provided by certain small businesses.
Section 404 -
Allows the exclusion for foster care payments to apply to such payments made by qualified placement agencies (as well as by States and local governments).
Section 405 -
Amends IRC and the Employee Retirement Income Security Act of 1974 (ERISA) to set forth special rules for determining certain additional premium rates to be paid to the Pension Benefit Guaranty Corporation by defined benefit plans for specified plan years.
Section 406 -
Allows certain expenses of elementary and secondary school teachers to be taken into account in determining their adjusted gross income.
Subtitle B - Technical Corrections
Makes technical corrections to various Acts, including the IRC, the Economic Growth and Tax Relief Reconciliation Act of 2001, the Community Renewal Tax Relief Act of 2000, the Tax Relief Extension Act of 1999, the Taxpayer Relief Act of 1997, and the Balanced Budget Act of 1997.
Section 418 -
Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 (Public Law 107-16) to revise provisions relating to increases in: (1) the adoption tax credit and exclusion for employer-provided adoption assistance; and (2) the dependent care tax credit.
Title V - Social Security Held Harmless; Budgetary Treatment of Act
Provides that this Act shall have no impact on the Social Security trust funds.
Section 502 -
Designates certain amounts under this Act as emergency requirements under the Balanced Budget and Emergency Deficit Control Act of 1985.
Title VI - Extensions of Certain Expiring Provisions
Extends various expiring IRC provisions, including:
(1) the allowance of nonrefundable personal credits against regular and minimum tax liability;
(2) the credit for qualified electric vehicles;
(3) the credit for electricity produced from certain renewable resources;
(4) the work opportunity credit;
(5) the welfare-to-work credit;
(6) the deduction for clean-fuel vehicles and certain refueling property;
(7) taxable income limit on percentage depletion for oil and natural gas produced from marginal properties;
(8) qualified zone academy bonds;
(9) cover over of tax on distilled spirits;
(10) availability of medical savings accounts;
(11) incentives for Indian employment and property on Indian reservations; and
(12) a revised subpart F exemption for active financing.
Section 610 -
Amends the Departments of Labor, Health and Human Services, and Education, and Related Agencies Appropriations Act, 2002 (Public Law 107-116) to extend to health benefits or services furnished through December 31, 2003 (currently 2002) provisions of the Mental Health Parity Act of 1996 (which requires health plans, under ERISA and the Public Health Service Act, and IRC, with certain exceptions, to treat equally for mental and physical health coverage their limits on annual payments and on lifetime payments).
Section 611 -
Sets forth temporary special rules under the IRC for taxation of life insurance companies.
Section 615 -
Repeals a requirement for approved diesel or kerosene terminals.
Section 616 -
Reauthorizes Temporary Assistance for Needy Families (TANF) supplemental grants for population increases under part A of title IV of the Social Security Act for FY 2002.
Section 617 -
Provides for a one-year extension of the contingency fund under the TANF program.

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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