Guest LAW Posted September 14, 2010 Report Share Posted September 14, 2010 CONGRESSIONAL RECORD - September 13, 2010 MESSAGES FROM THE PRESIDENT Messages from the President of the United States were communicated to the Senate by Mrs. Neiman, one of his secretaries. EXECUTIVE MESSAGES REFERRED As in executive session the Presiding Officer laid before the Senate messages from the President of the United States submitting sundry nominations which were referred to the appropriate committees. (The nominations received today are printed at the end of the Senate proceedings.) MEASURES READ THE FIRST TIME The following bills were read the first time: S. 3772. A bill to amend the Fair Labor Standards Act of 1938 to provide more effective remedies to victims of discrimination in the payment of wages on the basis of sex, and for other purposes. S. 3773. A bill to permanently extend the 2001 and 2003 tax relief provisions and to provide permanent AMT relief and estate tax relief, and for other purposes. EC–7093. A communication from the President of the United States, transmitting, pursuant to law, a report on the continuation of a national emergency declared in Executive Order 13222 with respect to the lapse of the Export Administration Act of 1979; to the Committee on Banking, Housing, and Urban Affairs. EC–7150. A communication from the Chief of the Publications and Regulations Branch, Internal Revenue Service, Department of the Treasury, transmitting, pursuant to law, the report of a rule entitled ‘‘Application of Section 108(i) to Partnerships and S Corporations’’ (RIN1545–BJ00) received during adjournment of the Senate in the Office of the President of the Senate on August 24, 2010; to the Committee on Finance. EC–7152. A communication from the Chief of the Publications and Regulations Branch, Internal Revenue Service, Department of the Treasury, transmitting, pursuant to law, the report of a rule entitled ‘‘Alternative Amortization Schedule for Single-Employer Plans under PRA 2010’’ (Notice No. 2010–55) received during adjournment of the Senate in the Office of the President of the Senate on August 11, 2010; to the Committee on Finance. EC–7185. A communication from the Director of Legislative and Regulatory Affairs, Pension Benefit Guaranty Corporation, transmitting, pursuant to law, the report of a rule entitled ‘‘Benefits Payable in Terminated Single-Employer Plans’’ (29 CFR Part 4022) received during adjournment of the Senate in the Office of the President of the Senate on August 17, 2010; to the Committee on Health, Education, Labor, and Pensions. S. 3084. A bill to increase the competitiveness of United States businesses, particularly small- and medium-sized manufacturing firms, in interstate and global commerce, foster job creation in the United States, and assist United States businesses in developing or expanding commercial activities in interstate and global commerce by expanding the ambit of the Hollings Manufacturing Extension Partnership program and the Technology Innovation Program to include projects that have potential for commercial exploitation in nondomestic markets, providing for an increase in related resources of the Department of Commerce, and for other purposes (Rept. No. 111—289). At the request of Mr. BROWN of Ohio, the name of the Senator from New York (Mr. SCHUMER) was added as a cosponsor of S. 1617, a bill to require the Secretary of Commerce to establish a program for the award of grants to States to establish revolving loan unds for small and medium-sized manufacturers to improve energy efficiency and produce clean energy technology, and for other purposes. AMENDMENT NO. 4596 At the request of Mr. JOHANNS, the names of the Senator from Arkansas (Mrs. LINCOLN), the Senator from Wyoming (Mr. BARRASSO), the Senator from Kansas (Mr. ROBERTS), the Senator from Wyoming (Mr. ENZI), the Senator from North Carolina (Mr. BURR), the Senator from South Carolina (Mr. GRAHAM), the Senator from South Dakota (Mr. THUNE) and the Senator from Georgia (Mr. ISAKSON) were added as cosponsors of amendment No. 4596 proposed to H.R. 5297, an act to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes. Quote Link to comment Share on other sites More sharing options...
Guest LAW Posted September 14, 2010 Report Share Posted September 14, 2010 TITLE I—PERMANENT TAX RELIEF SEC. 101. 2001 TAX RELIEF MADE PERMANENT. Title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 is repealed. SEC. 102. 2003 TAX RELIEF MADE PERMANENT. Section 303 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 is repealed. SEC. 103. TECHNICAL AND CONFORMING AMENDMENTS. The Secretary of the Treasury or the Secretary’s delegate shall not later than 90 days after the date of the enactment of this Act, submit to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate a draft of any technical and conforming changes in the Internal Revenue Code of 1986 which are necessary to reflect throughout such Code the purposes of the provisions of, and amendments made by, this Act. TITLE II—PERMANENT INDIVIDUAL AMT RELIEF SEC. 201. PERMANENT INDIVIDUAL AMT RELIEF. (a) MODIFICATION OF ALTERNATIVE MINIMUM TAX EXEMPTION AMOUNT.— (1) IN GENERAL.—Paragraph (1) of section 55(d) of the Internal Revenue Code of 1986 (relating ‘‘(1) EXEMPTION AMOUNT FOR TAXPAYERS OTHER THAN CORPORATIONS.—In the case of a taxpayer other than a corporation, the term ‘exemption amount’ means— ‘‘(A) the dollar amount for taxable years beginning in the calendar year as specified in the table contained in paragraph (4)(A) in the case of— ‘‘(i) a joint return, or ‘‘(ii) a surviving spouse, ‘‘( B ) the dollar amount for taxable years beginning in the calendar year as specified in the table contained in paragraph (4)( in the case of an individual who— ‘‘( i ) is not a married individual, and ‘‘( ii ) is not a surviving spouse, ‘‘( C ) 50 percent of the dollar amount applicable under paragraph (1)(A) in the case of a married individual who files a separate return, and ‘‘(D) $22,500 in the case of an estate or trust. For purposes of this paragraph, the term ‘surviving spouse’ has the meaning given to such term by section 2( a ), and marital status shall be determined under section 7703.’’. (2) SPECIFIED EXEMPTION AMOUNTS.— to exemption amount) is amended to read as follows: ‘‘(1) EXEMPTION AMOUNT FOR TAXPAYERS OTHER THAN CORPORATIONS.—In the case of a taxpayer other than a corporation, the term ‘exemption amount’ means— ‘‘( A ) the dollar amount for taxable years beginning in the calendar year as specified in the table contained in paragraph (4)(A) in the case of— ‘‘(i) a joint return, or ‘‘(ii) a surviving spouse, ‘‘( B ) the dollar amount for taxable years beginning in the calendar year as specified in the table contained in paragraph (4)( in the case of an individual who— ‘‘(i) is not a married individual, and ‘‘(ii) is not a surviving spouse, ‘‘( C ) 50 percent of the dollar amount applicable under paragraph (1)(A) in the case of a married individual who files a separate return, and ‘‘(D) $22,500 in the case of an estate or trust. For purposes of this paragraph, the term ‘surviving spouse’ has the meaning given to such term by section 2(a), and marital status shall be determined under section 7703.’’. (2) SPECIFIED EXEMPTION AMOUNTS.— Section 55(d) of such Code is amended by adding at the end the following new paragraph: ‘‘(4) SPECIFIED EXEMPTION AMOUNTS.— ‘‘( A ) TAXPAYERS DESCRIBED IN PARAGRAPH (1)( A ).—For purposes of paragraph (1)( A )— ALTERNATIVE MINIMUM TAX RELIEF FOR NONREFUNDABLE CREDITS.— (1) IN GENERAL.—Subsection (a) of section 26 of the Internal Revenue Code of 1986 is amended to read as follows: ‘‘(a) LIMITATION BASED ON AMOUNT OF TAX.—The aggregate amount of credits allowed by this subpart for the taxable year shall not exceed the sum of— ‘‘(1) the taxpayer’s regular tax liability for the taxable year reduced by the foreign tax credit allowable under section 27(a), and ‘‘(2) the tax imposed by section 55(a) for the taxable year.’’. (2) CONFORMING AMENDMENTS.— ( A ) ADOPTION CREDIT.— (i) Section 23( b ) of such Code is amended by striking paragraph (4). (ii) Section 23( c ) of such Code is amended by striking paragraphs (1) and (2) and inserting the following: ‘‘(1) IN GENERAL.—If the credit allowable under subsection (a) for any taxable year exceeds the limitation imposed by section 26(a) for such taxable year reduced by the sum of the credits allowable under this subpart (other than this section and sections 25D and 1400C), such excess shall be carried to the succeeding taxable year and added to the credit allowable under subsection (a) for such taxable year.’’. (iii) Section 23( c ) of such Code is amended by redesignating paragraph (3) as paragraph (2). ( CHILD TAX CREDIT.— (i) Section 24( of such Code is amended by striking paragraph (3). (ii) Section 24(d)(1) of such Code is amended— (I) by striking ‘‘section 26( a )(2) or subsection ((3), as the case may be,’’ each place it appears in subparagraphs (A) and ( and inserting ‘‘section 26(a)’’, and (II) by striking ‘‘section 26(a)(2) or subsection ((3), as the case may be’’ in the second last sentence and inserting ‘‘section 26(a)’’. © CREDIT FOR INTEREST ON CERTAIN HOME MORTGAGES.—Section 25(e)(1)( C ) of such Code is amended to read as follows: ‘‘© APPLICABLE TAX LIMIT.—For purposes of this paragraph, the term ‘applicable tax limit’ means the limitation imposed by section 26(a) for the taxable year reduced by the sum of the credits allowable under this subpart (other than this section and sections 23, 25D, and 1400C).’’. (D) SAVERS’ CREDIT.—Section 25B of such Code is amended by striking subsection (g). (E) RESIDENTIAL ENERGY EFFICIENT PROPERTY.— Section 25D© of such Code is amended to read as follows: ‘‘© CARRYFORWARD OF UNUSED CREDIT.—If the credit allowable under subsection (a) exceeds the limitation imposed by section 26(a) for such taxable year reduced by the sum of the credits allowable under this subpart (other than this section), such excess shall be carried to the succeeding taxable year and added to the credit allowable under subsection (a) for such succeeding taxable year.’’. (F) CERTAIN PLUG-IN ELECTRIC VEHICLES.— Section 30©(2) of such Code is amended to read as follows: ‘‘(2) PERSONAL CREDIT.—For purposes of this title, the credit allowed under subsection (a) for any taxable year (determined after application of paragraph (1)) shall be treated as a credit allowable under subpart A for such taxable year.’’. (G) ALTERNATIVE MOTOR VEHICLE CREDIT.— Section 30B(g)(2) of such Code is amended to read as follows: ‘‘(2) PERSONAL CREDIT.—For purposes of this title, the credit allowed under subsection (a) for any taxable year (determined after application of paragraph (1)) shall be treated as a credit allowable under subpart A for such taxable year.’’. (H) NEW QUALIFIED PLUG-IN ELECTRIC VEHICLE CREDIT.—Section 30D©(2) of such Code is amended to read as follows: ‘‘(2) PERSONAL CREDIT.—For purposes of this title, the credit allowed under subsection (a) for any taxable year (determined after application of paragraph (1)) shall be treated as a credit allowable under subpart A for such taxable year.’’. (I) CROSS REFERENCES.—Section 55©(3) of such Code is amended by striking ‘‘26(a), 30C(d)(2),’’ and inserting ‘‘30C(d)(2)’’. (J) FOREIGN TAX CREDIT.—Section 904 of such Code is amended by striking subsection (i) and by redesignating subsections (j) , (k), and (l) as subsections (i), (j), and (k), respectively. (K) FIRST-TIME HOME BUYER CREDIT FOR THE DISTRICT OF COLUMBIA.—Section 1400C(d) of such Code is amended to read as follows: ‘‘(d) CARRYFORWARD OF UNUSED CREDIT.—If the credit allowable under subsection (a) exceeds the limitation imposed by section 26(a) for such taxable year reduced by the sum of the credits allowable under subpart A of part IV of subchapter A (other than this section and section 25D), such excess shall be carried to the succeeding taxable year and added to the credit allowable under subsection (a) for such taxable year.’’. © EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2009. Quote Link to comment Share on other sites More sharing options...
Guest LAW Posted September 14, 2010 Report Share Posted September 14, 2010 SA 4607. Mr. UDALL of New Mexico submitted an amendment intended to be proposed to amendment SA 4594 proposed by Mr. REID (for Mr. BAUCUS (for himself, Ms. LANDRIEU, and Mr. REID)) to the bill H.R. 5297, to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes; which was ordered to lie on the table; as follows: On page 220, line 20, insert ‘‘and planned outreach efforts to women-owned businesses, veteran-owned businesses, and minorityowned businesses’’ before ‘‘, where appropriate’’. SA 4608. Mr. BEGICH (for himself and Mr. NELSON of Nebraska) submitted an amendment intended to be proposed by him to the bill H.R. 5297, to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes; which was ordered to lie on the table; SA 4610. Mr. THUNE submitted an amendment intended to be proposed to amendment SA 4594 proposed by Mr. REID (for Mr. BAUCUS (for himself, Ms. LANDRIEU, and Mr. REID)) to the bill H.R. 5297, to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes; which was ordered to lie on the table; SA 4611. Mr. NELSON of Florida submitted an amendment intended to be proposed by him to the bill H.R. 5297, to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes; which was ordered to lie on the table; SA 4613. Mrs. HUTCHISON submitted an amendment intended to be proposed by her to the bill H.R. 5297, to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes; which was ordered to lie on the table; SA 4614. Mr. THUNE submitted an amendment intended to be proposed to amendment SA 4594 proposed by Mr. REID (for Mr. BAUCUS (for himself, Ms. LANDRIEU, and Mr. REID)) to the bill H.R. 5297, to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes; which was ordered to lie on the table; ( A ) REQUIREMENTS ON PREFERRED STOCK AND OTHER FINANCIAL INSTRUMENTS.—Any preferred stock or other financial instrument issued to Treasury by an eligible institution receiving a capital investment under the Program shall provide that— (i) the rate at which dividends or interest are payable shall be 5 percent per annum initially; (ii) within the first 2 years after the date of the capital investment under the Program, the rate may be adjusted based on the amount of an eligible institution’s small business lending. Changes in the amount of small business lending shall be measured against the average amount of small business lending reported by the eligible institution in its call reports for the 4 full quarters immediately preceding the date of enactment of this Act, minus adjustments from each quarterly balance in respect of— (I) net loan charge offs with respect to small business lending; and (II) gains realized by the eligible institution resulting from mergers, acquisitions or purchases of loans after origination and syndication; which adjustments shall be determined in accordance with guidance promulgated by the Secretary; and (iii) during any calendar quarter during the initial 2-year period referred to in clause (ii), an institution’s rate shall be adjusted to reflect the following schedule, based on that institution’s change in the amount of small business lending relative to the baseline— (I) if the amount of small business lending has increased by less than 2.5 percent, the dividend or interest rate shall be 5 percent; (II) if the amount of small business lending has increased by 2.5 percent or greater, but by less than 5.0 percent, the dividend or interest rate shall be 4 percent; (III) if the amount of small business lending has increased by 5.0 percent or greater, but by less than 7.5 percent, the dividend or interest rate shall be 3 percent; (IV) if the amount of small business lending has increased by 7.5 percent or greater, and but by less than 10.0 percent, the dividend or interest rate shall be 2 percent; or ( V ) if the amount of small business lending has increased by 10 percent or greater, the dividend or interest rate shall be 1 percent. ( B ) BASIS OF INITIAL RATE.—The initial dividend or interest rate shall be based on call report data published in the quarter immediately preceding the date of the capital investment under the Program. ( C ) TIMING OF RATE ADJUSTMENTS.—Any rate adjustment shall occur in the calendar quarter following the publication of call report data, such that the rate based on call report data from any one calendar quarter, which is published in the first following calendar quarter, shall be adjusted in that first following calendar quarter and payable in the second following quarter. ( D ) RATE FOLLOWING INITIAL 2-YEAR PERIOD.— Generally, the rate based on call report data from the eighth calendar quarter after the date of the capital investment under the Program shall be payable until the expiration of the 41⁄2-year period that begins on the date of the investment. In the case where the amount of small business lending has remained the same or decreased relative to the institution’s baseline in the eighth quarter after the date of the capital investment under the Program, the rate shall be 7 percent until the expiration of the 41⁄2-year period that begins on the date of the investment. ( E ) RATE FOLLOWING INITIAL 41⁄2 -YEAR PERIOD.— The dividend or interest rate paid on any preferred stock or other financial instrument issued by an eligible institution that receives a capital investment under the Program shall increase to 9 percent at the end of the 41⁄2-year period that begins on the date of the capital investment under the Program. ( F ) LIMITATION ON RATE REDUCTIONS WITH RESPECT TO CERTAIN AMOUNT.—The reduction in the dividend or interest rate payable to Treasury by any eligible institution shall be limited such that the rate reduction shall not apply to a dollar amount of the investment made by Treasury that is greater than the dollar amount increase in the amount of small business lending realized under this program. The Secretary may issue guidelines that will apply to new capital investments limiting the amount of capital available to eligible institutions consistent with this limitation. ( G ) RATE ADJUSTMENTS FOR S CORPORATION.— Before making a capital investment in an eligible institution that is an S corporation or a corporation organized on a mutual basis, the Secretary may adjust the dividend or interest rate on the financial instrument to be issued to the Secretary, from the dividend or interest rate that would apply under subparagraphs ( A ) through ( F ), to take into account any differential tax treatment of securities issued by such eligible institution. For purposes of this subparagraph, the term ‘‘S corporation’’ has the same meaning as in section 1361( a ) of the Internal Revenue Code of 1986. ( H ) REPAYMENT DEADLINE.—The capital investment received by an eligible institution under the Program shall be evidenced by preferred stock or other financial instrument that— (i) includes, as a term and condition, that the capital investment will— (I) be repaid not later than the end of the 10-year period beginning on the date of the capital investment under the Program; or (II) at the end of such 10-year period, be subject to such additional terms as the Secretary shall prescribe, which shall include a requirement that the stock or instrument shall carry the highest dividend or interest rate payable; and (ii) provides that the term and condition described under clause (i) shall not apply if the application of that term and condition would adversely affect the capital treatment of the stock or financial instrument under current or successor applicable capital provisions compared to a capital instrument with identical terms other than the term and condition described under clause (i). (I) REQUIREMENTS ON FINANCIAL INSTRUMENTS ISSUED BY A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION LOAN FUND.—Any equity equivalent capital issued to the Treasury by a community development loan fund receiving a capital investment under the Program shall provide that the rate at which interest is payable shall be 2 percent per annum for 8 years. After 8 years, the rate at which interest is payable shall be 9 percent. (6) ADDITIONAL INCENTIVES TO REPAY.—The Secretary may, by regulation or guidance issued under section 4104(9), establish repayment incentives in addition to the incentive in paragraph (5)( E ) that will apply to new capital investments in a manner that the Secretary determines to be consistent with the purposes of this subtitle. Quote Link to comment Share on other sites More sharing options...
Guest LAW Posted September 14, 2010 Report Share Posted September 14, 2010 SA 4615. Mr. ENSIGN submitted an amendment intended to be proposed by him to the bill H.R. 5297, to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes; which was ordered to lie on the table; as follows: At the appropriate place, insert the following: SEC. ll. MAXIMUM 35 PERCENT RATE ON TRADE OR BUSINESS INCOME. (a) IN GENERAL.—Section 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: ‘‘(j) MAXIMUM RATE ON TRADE OR BUSINESS INCOME.— ‘‘(1) IN GENERAL.—If, for any applicable taxable year, a taxpayer who is an individual (other than an estate or trust) has qualified trade or business income, then, in lieu of the tax imposed on the taxpayer by subsection (a), (, ©, or (d), there is hereby imposed a tax equal to the lesser of— ‘‘(A) the tax imposed by this section without regard to this subsection, or ‘‘( a tax equal to the sum of— ‘‘(i) a tax computed at the rates and in the manner as if this subsection had not been enacted on the greater of— ‘‘(I) taxable income reduced by qualified trade or business income and any net capital gain, or ‘‘(II) the amount of taxable income (reduced by any net capital gain) taxed at a rate below the highest rate of tax imposed by section 11( for such taxable year, plus ‘‘(ii) a tax equal to the product of such highest rate of tax and the taxpayer’s qualified trade or business income which was not taken into account under clause (i). ‘‘(2) COORDINATION WITH RATE ON NET CAPITAL GAINS.—If a taxpayer has qualified small business income for any applicable taxable year and also has a net capital gain for such taxable year— ‘‘(A) this subsection shall not apply, and ‘‘( the tax computed under subsection (h)(1)(A) shall not exceed the amount determined under paragraph (1). ‘‘(3) QUALIFIED TRADE OR BUSINESS INCOME.— For purposes of this subsection— ‘‘(A) IN GENERAL.—The term ‘qualified trade or business income’ means, with respect to any taxable year, an amount equal to the excess (if any) of— ‘‘(i) the aggregate income from the actual conduct of a trade or business which— ‘‘(I) is income from sources within the United States (within the meaning of section 861), and ‘‘(II) is not passive income (as defined in section 904(d)(2)(), over ‘‘(ii) the sum of— ‘‘(I) the cost of goods sold that are allocable to such income, and ‘‘(II) other expenses, losses, or deductions that are properly allocable to such income. ‘‘( CAPITAL GAINS AND LOSSES DISREGARDED.— Items taken into account in determining net capital gain shall not be taken into account in determining qualified trade or business income. ‘‘(4) APPLICABLE TAXABLE YEAR.—For purposes of this subsection, the term ‘applicable taxable year’ means any taxable year of the taxpayer with respect to which any rate of tax under the applicable table contained in subsection (a), (, ©, or (d) exceeds 35 percent. ‘‘(5) NET CAPITAL GAIN.—For purposes of this subsection, the term ‘net capital gain’ has the meaning given such term by subsection (h).’’. ( EFFECTIVE DATE.—The amendment made by this section shall apply to taxable years beginning after December 31, 2010. SA 4616. Mr. UDALL of New Mexico submitted an amendment intended to be proposed to amendment SA 4594 proposed by Mr. REID (for Mr. BAUCUS (for himself, Ms. LANDRIEU, and Mr. REID)) to the bill H.R. 5297, to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes; which was ordered to lie on the table; as follows: On page 237, line 25, before the period insert ‘‘including, to the extent possible based on the available reporting data, details on lending to women-owned businesses, veteran owned businesses, and minority-owned businesses’’. Quote Link to comment Share on other sites More sharing options...
Guest LAW Posted September 15, 2010 Report Share Posted September 15, 2010 SA 4617. Mr. FRANKEN submitted an amendment intended to be proposed to amendment SA 4594 proposed by Mr. REID (for Mr. BAUCUS (for himself, Ms. LANDRIEU, and Mr. REID)) to the bill H.R. 5297, to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes; which was ordered to lie on the table; as follows: On page 41, after line 25, add the following: SEC. 1137. TEMPORARY PROGRAM FOR RAPID DEPLOYMENT OF RENEWABLE ENERGY AND ELECTRIC POWER TRANSMISSION PROJECTS. Section 1705(a) of the Energy Policy Act of 2005 (42 U.S.C. 16516(a)) is amended by adding at the end the following: ‘‘(4) Energy efficiency projects, including projects to retrofit residential, commercial, and industrial buildings, facilities, and equipment.’’ Quote Link to comment Share on other sites More sharing options...
Guest LAW Posted September 15, 2010 Report Share Posted September 15, 2010 ORDERS FOR TUESDAY, SEPTEMBER 14, 2010 Mr. DURBIN. Madam President, I ask unanimous consent that when the Senate completes its business today, it adjourn until 10 a.m. on Tuesday, September 14; that following the prayer and the pledge, the Journal of proceedings be approved to date, the morning hour be deemed expired, the time for the two leaders be reserved for their use later in the day, and the Senate resume consideration of H.R. 5297, the small business jobs bill, with the time until 11 a.m. equally divided and controlled between the two leaders or their designees. Finally, I ask that the Senate recess from 12:30 p.m. until 2:15 p.m. tomorrow to allow for the weekly caucus meetings. The PRESIDING OFFICER. Without objection, it is so ordered. PROGRAM Mr. DURBIN. Madam President, at 11 a.m., the Senate will proceed to a series of up to three rollcall votes in relation to the small business jobs bill. Those votes will be on the motion to invoke cloture on the Johanns amendment relating to 1099 forms, the Nelson of Florida amendment, also on 1099 forms, and the substitute amendment to the small business jobs bill. Quote Link to comment Share on other sites More sharing options...
Guest LAW Posted September 15, 2010 Report Share Posted September 15, 2010 Johanns: Protecting Health Care Bill More Important To Senate Democrats Than Supporting Small Businesses U.S. Sen. Mike Johanns (R-Neb.) took his fight to support small businesses and job creation to the floor of the Senate today. Despite the strong support of small businesses across the country, the Senate rejected the Johanns amendment 46-52. “Regulations, mandates and government spending simply will not create jobs,” said Johanns. “Today’s vote signifies that Senate Democrats and the Obama Administration would rather protect a section of their more than 2,400 page unpopular health care bill than stand up for small businesses. It is wrong to have paid for the President’s health care plan on the backs of small businesses. My amendment would have truly helped small businesses and I am committed to continuing this fight until this provision is repealed.” The Johanns amendment would have fully repealed section 9006 of the Patient Protection and Affordable Care Act - a provision mandating that every business, charity, and local and state government entity submit 1099 forms for business transactions totaling $600 or more in a given year. The repeal has been endorsed by The Coalition for Fairness in Tax Compliance, the U.S. Chamber of Commerce, The National Federation of Independent Businesses, The American Farm Bureau Federation, and the Americans for Tax Reform, among others. “This mandate threatens to swamp as many as 40 million businesses, churches, non-profits, and other entities with useless tax reporting paperwork, consuming valuable resources and limiting their ability to grow and hire more workers,” added Johanns. “Small businesses are the job creators that drive our economy and this mandate is a senseless obstacle. Full repeal is the only solution to this problem.” Background: Section 9006 of the health care law mandates that every business, charity, and local and state government entity submit 1099 forms for business transactions totaling $600 or more in a given year. Mandate adds routine business expenses like phone, office products, shipping costs; increases businesses’ reporting requirement by as much as 2,000 percent. • Affects as many as 40 million businesses and other entities: Estimate by the National Taxpayer Advocate Service, an IRS ombudsman - includes 26 million sole proprietorships, excluding farms. • Increases overhead costs for small employers: Additional paperwork requires more staff time and therefore increases costs. A Nebraska small business estimates the mandate will cost $23,000/year. • Creates a perverse incentive for companies to consolidate suppliers, cut-out small businesses: To avoid paperwork, businesses will likely reduce the number of transactions over $600 by consolidating suppliers, in which case smaller suppliers would lose out. • Leads to improper IRS penalties: The National Taxpayer Advocate Service reports that the IRS “will face challenges making productive use of this new volume of information,” and that “…it is highly likely that the IRS will improperly assess penalties that it must abate later, after great expenditure of taxpayer and IRS time and effort.” • Repeal of Section 9006 is broadly supported throughout the country: The Coalition for Fairness in Tax Compliance, U.S. Chamber of Commerce, National Federation of Independent Businesses, American Farm Bureau Federation; collectively represent thousands of businesses and ag producers. Quote Link to comment Share on other sites More sharing options...
Guest LAW Posted September 15, 2010 Report Share Posted September 15, 2010 List of businesses across the country supporting repeal of the 1099 paperwork mandate. http://www.uschamber...health-care-law Quote Link to comment Share on other sites More sharing options...
Guest LAW Posted September 15, 2010 Report Share Posted September 15, 2010 U.S. Chamber Condemns Senate’s Failure to Repeal 1099 Reporting Requirement ‘In this economy, there is little defense for supporting oppressive regulations on small businesses,’ Says Josten WASHINGTON, D.C.—U.S. Chamber of Commerce Executive Vice President for Government Affairs, R. Bruce Josten, issued the following statement today on the Senate’s failure to pass Senator Johanns’ amendment to repeal the burdensome 1099 reporting requirement included in the health care law: “Today the Senate obstructed a measure that would’ve prevented an avalanche of new paperwork for small business owners. Their refusal to recognize that small businesses will now be forced to spend precious time and resources reporting to the federal government rather than producing, growing, and creating jobs for Americans demonstrates a fundamental misunderstanding about the challenges facing this economy. In this economy, there is little defense for supporting oppressive regulations on small businesses that will hamper their ability to put people back to work.” The Chamber led 2,434 businesses, chambers, and associations from all 50 states in sending a letter to the Senate highlighting the business community’s commitment to repealing the 1099 reporting mandate included in the health care law. Tomorrow dozens of Chamber small business members will come to Washington to let their Members of Congress know that this provision must be repealed. The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations. Quote Link to comment Share on other sites More sharing options...
Guest Nestor Posted September 15, 2010 Report Share Posted September 15, 2010 Isn’t the requirement for 1099 reporting in the Affordable Care act going beyond the usual 1099 requirement for services to include goods? This will add a tremendous burden to small businesses, sole proprietor and small partnerships. Quote Link to comment Share on other sites More sharing options...
Guest PierceNichols Posted September 15, 2010 Report Share Posted September 15, 2010 If you are a small business that commonly sells to other small businesses, this is an even worse nightmare. It’s certain that a significant number of small businesses will not comply, or will have have vanished, or will be late. Almost all of the reasons for that will be innocent, but when the vendor needs to file their taxes, the missing 1099s become a serious headache. And that’s before you get into the errors which will occur and will have to be reconciled, both with your customers and your vendors. And everyone I know with any experience running a business or doing the books, no matter what their politics are, thinks this requirement is utterly batshit insane. They should rename it the CPA Full Employment Act. Quote Link to comment Share on other sites More sharing options...
Guest AlwaysRed Posted September 15, 2010 Report Share Posted September 15, 2010 Soon American Small Business Owners will be forced not to use Dollar Bills for petty cash. Quote U.S. Senator Mike Enzi, R-Wyo., believes most small businesses aren’t ready for the headaches and paperwork the new health care reform law will bring them and he expressed his concerns during a Senate Finance Committee hearing this morning as he discussed the new 1099 form requirements with accounting experts testifying before the panel. “The health care reform bill will require business owners to submit onerous and duplicative 1099 forms for every single business-to-business transaction over $600. This includes anything from utilities, office supplies and construction materials. Not only does the health care bill bankrupt our country and require every American to purchase health insurance or face new tax penalties, it also burdens small businesses with paperwork for non-health care related expenses,” said Enzi. Section 9006 of the Patient Protection and Affordable Care Act requires business owners to submit a separate 1099 form for every single business-to-business transaction that totals more than $600 in a year. Carol Markman, a Certified Public Accountant and president of the National Conference of CPA Practitioners, said small businesses do not understand the paperwork burdens that are coming down the road. “I think that this 1099 issue is the hidden gorilla in the room,” said Markman. “This is the kind of paperwork burden that will distract small businesses from doing business and providing jobs. With our economy struggling, now is not the time to saddle business owners with more red tape requirements,” said Enzi. Enzi is working with his colleagues on legislation to repeal Section 9006 of the health care law. Quote Link to comment Share on other sites More sharing options...
Guest LAW Posted September 15, 2010 Report Share Posted September 15, 2010 There is a flip side to that coin. Here is a common scheme. Lapping A somewhat more complicated type of embezzlement is called lapping. This involves the temporary withholding of receipts, such as for payments on accounts. Lapping is a continuing scheme that usually starts with a small amount but can run into thousands of dollars before it is detected. For example, take an employee who opens mail or otherwise receives cash and checks as payment on open accounts. The employee holds out a $100 cash payment made by a customer A on March 1. To avoid arousing suspicion on A's part, $100 is taken from a $200 payment made by customer B on March 5. This is sent on, together with the necessary documentation, for processing and crediting to the account of A. The embezzler pockets the remaining $100, which increases the overall shortage to $200. As this borrowing procedure continues, the employee makes away with increasingly larger amounts of money, involving more and more accounts. A fraud of this nature can run on for years. Of course, it requires detailed record keeping by the embezzler in order to keep track of shortages and transfer money from one account to another to avoid suspicion. Any indication that an employee is keeping personal records of business transactions outside your regular accounting books should be looked into. Sometimes an embezzler who is carrying on a lapping scheme also has access to accounts receivable records and statements, and is thus in a position to alter the statements mailed out to customers. The fraud may continue undetected over a long period of time, until something unusual happens. A customer complaint may spotlight the situation or the matter may be surfaced through audit procedures such as confirmation of accounts receivable. One embezzler who also handled customer complaints was able to avoid detection for many years. The amount of the shortage reached such proportions and covered so many accounts that he dared not take a vacation. He even ate lunch at his desk lest some other employee receive an inquiry from a customer concerning a discrepancy in a statement. The owner-manager for whom he worked admired his diligence and loyalty and fellow workers marveled that his apparent frugality enabled him to enjoy a rather high standard of living. But the inevitable finally happened. The employee was hospitalized, and in his absence his fraudulent scheme came to light. One reason many firms require regular vacations is to keep some indispensable employee from dispensing with company funds illegally. Fraudulent Sales Sometimes, when a company becomes so large that the owner-manager can no longer exercise personal surveillance of accounting activities, opportunities arise for a dishonest employee to setup a dummy supplier and falsify documentation of fictitious purchase transactions. Personal items can be bought and charged to the company. Make Your System Fraud ProofThe first thing an owner-manager should do is set a good example.Your employees watch what you do and tend to imitate your habits-- good or bad. An employer who dips into petty cash, fudges onan expense account, uses company funds for personal items or setsother examples of loose business behavior, will find employeesrationalizing dishonest actions with the attitude If it's okayfor the boss, it's okay for me.An adequate accounting system with appropriate internal controlsis your principal means for preventing and detecting fraud. Havea public accountant set it up; then be sure it is tested andevaluated at least annually by the auditor. Periodic examinationwill ensure that there are no loopholes through which anembezzler can manipulate your funds.Design your auditing system to help document evidence in theevent someone does try to embezzle. One problem in fidelity lossclaims is proving the amount that was stolen. The owner-managerhas to support a loss claim with evidence from the company'srecords.You should insist that your accounting system provide you with atleast monthly operating statements. These will inform you of theoperations to date and the firm's financial condition. You canuse these documents to compare the figures with prior periods.Any unusual or unexplained variations should be discussed withyour accountant.Another fundamental control is separation of the duties ofemployees. For example, persons concerned with receiving checksand cash should not also be responsible for making entries in theaccounts receivable records. No one person should handle atransaction from beginning to end. If you do not exercise tightcontrol over invoices, purchase orders, discounts and customercredits, you are asking for trouble. * Spot check records. Spot check your accounting records and assets to satisfy yourself that all is well and that your plan of internal control is being implemented. * Control outgoing funds. Personally approve unusual discounts and bad debt write-offs. Approve or spot check credit memos and other documentation for sales returns and allowances. Don't delegate the signing of checks and approval of cash disbursements unless absolutely necessary and never approve any payment without sufficient documentation or prior knowledge of the transaction. Don't sign blank checks. Don't leave a supply of signed blank checks when you go on vacation. * Control invoices. Examine all invoices and supporting data before signing checks. Make sure that all merchandise was actually received and the price was reasonable. In many false purchase schemes, the embezzler neglects to make up receiving forms or other records purporting to show receipt of merchandise. Personally cancel all invoices at the time you sign the check to prevent double payment, through error or otherwise. * Examine checking account items. Inspect all prenumbered checkbooks and other prenumbered forms from time to time to insure that checks or forms from the backs of the books have not been removed and possibly used in a fraudulent scheme. Computer-related CrimeSmall businesses are learning the many advantages of computers inevery aspect of their operations. It is not unusual for theentire business to depend on computerized data. Personnelrecords, tax records, inventories, receivables, payables,shipments, bank accounts and all other vital records arecontained on small diskettes that easily fit in a pocket. In sucha concentrated form, business records are extremely vulnerable toremoval or destruction. If something should happen to thosediskettes, it could have the same effect as the suddendisappearance of significant business records and files. Quote Link to comment Share on other sites More sharing options...
Guest IHATETAXES Posted September 15, 2010 Report Share Posted September 15, 2010 Have you ever noticed criminals are paranoid of other criminals. We know Congress is filled with them. We know members of Congress want our government coffers filled on the sweat of Small Business. They consider themselves taskmasters to make life so difficult for the small business that people are forced to give up hope for their personal American Dream and work as salespeople in Chinamart. Quote Link to comment Share on other sites More sharing options...
Guest LAW Posted September 15, 2010 Report Share Posted September 15, 2010 The $42 billion Small Business Jobs Act took a step forward, clearing a key procedural hurdle in the Senate, 61-37. Republicans George Voinovich, who is retiring, and former Gov. Charlie Crist (I-FL) Chief of Staff George LeMieux voted for it, helping Democrats overcome a filibuster. Quote Link to comment Share on other sites More sharing options...
Guest IHATETAXES Posted September 16, 2010 Report Share Posted September 16, 2010 You can thank the following Senators for NOT wanting to repeal Section 9006 of the Patient Protection and Affordable Care Act. You can thank the following Senators for protecting a 1099 provision to increase tax revenues to the tune of $19 billion. Joseph Lieberman, Bernard Sanders, Daniel Akaka, Max Baucus, Mark Begich, Jeff Bingaman, Barbara Boxer, Sherrod Brown, Roland Burris, Maria Cantwell, Ben Cardin, Tom Carper, Bob Casey, Kent Conrad, Chris Dodd, Byron Dorgan, Dick Durbin, Russ Feingold, Dianne Feinstein, Al Franken, Kirsten Gillibrand, Carte Goodwin, Kay Hagan, Tom Harkin, Daniel Inouye, Tim Johnson, Edward Kaufman, John Kerry, Amy Klobuchar, Herb Kohl, Mary Landrieu, Frank Lautenberg, Patrick Leahy, Carl Levin, Claire McCaskill, Robert Menendez, Jeff Merkley, Barbara Mikulski, Patty Murray, Bill Nelson, Jack Reed, Harry Reid, Jay Rockefeller, Chuck Schumer, Jeanne Shaheen, Arlen Specter, Debbie Stabenow, Jon Tester, Tom Udall, Mark Udall, Sheldon Whitehouse, Ron Wyden Quote Link to comment Share on other sites More sharing options...
Guest Bill H. Posted September 16, 2010 Report Share Posted September 16, 2010 I think the $12 billion tax cut for small businesses is great. This will allow businesses to expense up to $500,000 in capital investments. You will be able to write off of 50% of the cost of new equipment and 100 percent exclusion from capital gains taxes on small business investments. Quote Link to comment Share on other sites More sharing options...
Luke_Wilbur Posted September 16, 2010 Report Share Posted September 16, 2010 I am going to ask both my accountant and banker what they this about this issue. Will it take more time? I think Yes, but I could be wrong. Will it cost me more? Again, I think Yes. I pretty sure that I am right. Quote Link to comment Share on other sites More sharing options...
Guest LAW Posted September 25, 2010 Report Share Posted September 25, 2010 Statement of President Obama on Final Passage of the Small Business Jobs Bill The small business jobs bill passed today will help provide loans and cut taxes for millions of small business owners without adding a dime to our nation’s deficit. After months of partisan obstruction and needless delay, I’m grateful that Democrats and a few Republicans came together to support this common-sense plan to put Americans back to work. I look forward to signing the bill on Monday. Quote Link to comment Share on other sites More sharing options...
Guest Edgar Posted January 3, 2012 Report Share Posted January 3, 2012 Looks like that bill was one big fat failure http://www.latimes.com/business/la-fi-credit-cutoff-20120103,0,3538902.story Bank of America, under pressure to raise capital and cut risks, is severing lines of credit to some small-business owners who have used them to stay afloat. The Charlotte N.C., bank is demanding that these customers pay off their credit line balances all at once instead of making monthly payments. If they can't pay in full, they are being offered new repayment plans for as long as five years, but with far higher interest rates than their original credit lines had. Quote Link to comment Share on other sites More sharing options...
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