Title I — Relief for workers and businesses

H.R. 2821 · 113th Congress · Jul 24, 2013 · Lineage

I Relief for workers and businesses

A Making work pay credit

Sec. 101 Making work pay credit

(a)

In general— Subsection (e) of section 36A of the Internal Revenue Code of 1986 is amended to read as follows:

“(e) Termination—This section shall not apply to—

“(1) beginning after December 31, 2010, and before January 1, 2014, and

“(2) taxable years beginning after December 31, 2014.”

(b)

Treatment of possessions— Rules similar to the rules of subsections (b) and (c) of section 1001 of the American Recovery and Reinvestment Tax Act of 2009 shall apply with respect to the amendment made by subsection (a). For purposes of the preceding sentence, such section shall be applied by substituting “taxable years beginning in 2014” for “taxable years beginning in 2009 and 2010” each place it occurs.

(c)

Effective date— This section, and the amendments made by this section, shall apply to taxable years beginning after December 31, 2013.

B Other relief for businesses

Sec. 111 Extension of temporary 100 percent bonus depreciation for certain business assets

(a)

In general— Paragraph (5) of section 168(k) of the Internal Revenue Code is amended—

(1)

by striking “January 1, 2012” each place it appears and inserting “January 1, 2015”, and

(2)

by striking “January 1, 2013” and inserting “January 1, 2016”.

(b)

Conforming amendment— The heading for paragraph (5) of section 168(k) of the Internal Revenue Code is amended by striking “Pre-2012 periods” and inserting “Pre-2014 periods”.

Sec. 112 Surety bonds

(a)

Maximum bond amount— Section 411(a)(1) of the Small Business Investment Act of 1958 (15 U.S.C. 694b(a)(1)) is amended by striking “$2,000,000” and inserting “$5,000,000”.

(b)

Denial of liability— Section 411(e)(2) of the Small Business Investment Act of 1958 (15 U.S.C. 694b(e)(2)) is amended by striking “$2,000,000” and inserting “$5,000,000”.

(c)

Sunset— The amendments made by subsections (a) and (b) of this section shall remain in effect until September 30, 2014.

(d)

Funding— There is appropriated out of any money in the Treasury not otherwise appropriated, $3,000,000, to remain available until expended, for additional capital for the Surety Bond Guarantees Revolving Fund, as authorized by the Small Business Investment Act of 1958, as amended.

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Jul 24, 2013viewing Introduced in House Ms. Wilson of Florida (for herself, Ms. Pelosi, Mr. Clyburn, Ms. Fudge, Mr. Cicilline, Mr. Enyart, Ms. Hanabusa, Ms. Norton, Ms. Bass, Mr. Butterfield, Ms. Sewell of Alabama, Mr. Richmond, Mr. Conyers, Ms. Brown of Florida, Mrs. Christensen, Mr. Cárdenas, Ms. Lee of California, Mr. Takano, Mrs. Napolitano, Ms. DeLauro, Ms. Frankel of Florida, Ms. Clarke, Mr. Brady of Pennsylvania, Ms. Schakowsky, Mr. Tonko, Ms. Shea-Porter, Mr. Grijalva, Mr. Holt, Mr. Sablan, Mr. Cartwright, Ms. Wasserman Schultz, Mr. Nadler, Mr. Larson of Connecticut, Mr. Payne, Mr. McGovern, Ms. Eddie Bernice Johnson of Texas, Mr. Rush, Ms. Moore, Mr. Veasey, Mrs. Beatty, Ms. Kelly of Illinois, Mr. Al Green of Texas, Mr. Scott of Virginia, Mr. David Scott of Georgia, Mr. Johnson of Georgia, Ms. Edwards, Mr. Rangel, Ms. Jackson Lee, Mr. Jeffries, Mr. Bishop of Georgia, Mr. Cleaver, Mr. Danny K. Davis of Illinois, Mr. Thompson of Mississippi, Mr. Carson of Indiana, Ms. Waters, Mr. Watt, Mr. Lewis, Mr. Gutiérrez, Mr. Clay, Mr. Cummings, Mr. Garcia, Ms. McCollum, Mr. Ellison, Mr. Fattah, Mr. Deutch, Mr. Meeks, Ms. Hahn, Mr. Carney, and Mr. Keating) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committees on Small Business, Education and the Workforce, the Judiciary, Transportation and Infrastructure, Financial Services, House Administration, Oversight and Government Reform, and the Budget, 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