H.R. 5353 (111th): War is Making You Poor Act

111th Congress, 2009–2010. Text as of May 20, 2010 (Introduced).

Status & Summary | PDF | Source: GPO

I

111th CONGRESS

2d Session

H. R. 5353

IN THE HOUSE OF REPRESENTATIVES

May 20, 2010

(for himself, Mr. Kucinich, Ms. Woolsey, Mr. Conyers, Ms. Lee of California, Mr. Paul, and Mr. Jones) introduced the following bill; which was referred to the Committee on Armed Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A BILL

To reduce the $159.3 billion from the discretionary overseas contingency operations funds in the President’s fiscal year 2011 budget for operations in Iraq, Afghanistan, and Pakistan (without preventing use of mandatory funds from the Department of Defense budget to execute the War on Terror), and amend the Internal Revenue Code of 1986 to provide individuals a War is Making You Poor tax credit against the savings attributable to the overseas contingency operations reduction.

1.

Short title

This Act may be cited as the War is Making You Poor Act.

2.

War on terror to be funded by Department of Defense budget

Of the amounts made available to the Department of Defense in any appropriations Act for fiscal year 2011—

(1)

such amounts for the base budget shall not exceed an amount equal to the $548,919,000,000 specified in the budget of the United States Government for fiscal year 2011, submitted by the President under section 1105(a) of title 31, United States Code, and

(2)

such amounts for overseas contingency operations in Iraq, Afghanistan, or Pakistan—

(A)

may not be made available in a separate discretionary account, and

(B)

shall be made available without taking into account the additional $159,300,000,000 specified for such operations in such budget.

3.

War is making you poor credit

(a)

In general

Subchapter B of chapter 65 is amended by adding at the end the following new section:

6433.

War is making you poor credit

(a)

In general

In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2011 an amount equal to the net income tax liability of the taxpayer for the taxable year (determined without regard this section).

(b)

Limitation based on modified adjusted gross income

(1)

In general

The amount which would (but for this subsection) be allowed as a credit under subsection (a) for the taxable year shall be reduced (but not below zero) by the amount which bears the same ratio to the amount which would be so allowed as—

(A)

the excess of—

(i)

the taxpayer’s modified adjusted gross income for such taxable year, over

(ii)

$35,000 ($70,000 in the case of a joint return), bears to

(B)

$10,000 ($20,000 in the case of a joint return).

(2)

Modified adjusted gross income

For purposes of this subsection, the term modified adjusted gross income means the adjusted gross income of the taxpayer for the taxable year increased by any amount excluded from gross income under sections 911, 931, or 933.

(c)

Rules similar to 2008 recovery rebates

Rules similar to the rules of subsections (b), (c), and (e) through (h) of section 6428 shall apply for purposes of this section.

.

(b)

Clerical amendment

The table of sections for subchapter B of chapter 65 is amended by adding at the end the following new item:

Sec. 6433. War is making you poor credit.

.

(c)

Effective date

The amendments made by this section shall take effect on the date of the enactment of this Act.