H. R. 5353
IN THE HOUSE OF REPRESENTATIVES
May 20, 2010
Mr. Grayson (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
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
War is Making You Poor tax credit against the savings
attributable to the overseas contingency operations reduction.
This Act may be cited as the
War is Making You Poor
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—
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
such amounts for overseas contingency operations in Iraq, Afghanistan, or Pakistan—
may not be made available in a separate discretionary account, and
shall be made available without taking into account the additional $159,300,000,000 specified for such operations in such budget.
War is making you poor credit
Subchapter B of chapter 65 is amended by adding at the end the following new section:
War is making you poor credit
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).
Limitation based on modified adjusted gross income
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—
the excess of—
the taxpayer’s modified adjusted gross income for such taxable year, over
$35,000 ($70,000 in the case of a joint return), bears to
$10,000 ($20,000 in the case of a joint return).
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.
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.
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.
The amendments made by this section shall take effect on the date of the enactment of this Act.