November 23, 2008
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House

H.R. 2, Jobs and Growth Tax Act
Sponsor: Rep. William M. Thomas, R-Calif.
Introduced: Feb. 27, 2003
Description: H.R. 2 encompasses President Bush’s plan for tax cuts aimed at stimulating the economy. The bill would speed the tax cuts enacted in 2001 and make them permanent rather than having them expire in 2011. It also would eliminate the dividend tax and would up the amount small businesses could write off for purchases of new equipment from $25,000 to $75,000. A Senate companion measure, S. 2, also was introduced. The high bill numbers were reserved to signify that the legislation is a top priority of the Republican leadership.
H.R. 49, Internet Tax Nondiscrimination Act
Sponsor: Rep. Christopher Cox, R-Calif.
Introduced: Jan. 7, 2003
Committee: House Judiciary
Description: H.R. 49 would permanently extend the moratorium against taxes on Internet access or taxes that would treat online transactions differently than those conducted by other means. The ban is set to expire in November.
H.R. 120, Voluntary Opportunities for Increasing Contributions to Education Act
Sponsor: Rep. Peter Hoekstra, R-Mich.
Introduced: Jan. 7, 2003
Committee: House Ways and Means
Description: H.R. 120 would provide a tax credit of up to $500 for taxpayers and $100,000 for corporations that make contributions toward elementary and secondary education. Among other things, the tax break would be available for donations toward the purchase of computers and other technology, or for training to use such equipment in schools.
H.R. 223, Business Expensing Act
Sponsor: Rep. Joe Wilson, R-S.C.
Introduced: Jan. 7, 2003
Committee: House Ways and Means
Description: H.R. 223 would increase the rate at which companies may claim the tax write-off for purchases of new technology and other equipment. The 2001 tax-cut law increased that depreciation rate to 30 percent of the cost of equipment upon purchase; the new bill would hike that rate even higher, to 50 percent. A change in depreciation is one of several ideas being considered as Congress debates ways to stimulate the economy.
H.R. 224, Small Business Expensing Act
Sponsor: Rep. Joe Wilson, R-S.C.
Introduced: Jan. 7, 2003
Committee: House Ways and Means
Description: H.R. 224 would increase to $75,000 the amount that small businesses may claim as tax write-off for purchases of new technology and other equipment. The maximum expense for 2003 is $25,000. A change in depreciation is one of several ideas being considered as Congress debates ways to stimulate the economy.
H.R. 267, Broadband Internet Access Act
Sponsor: Rep. Phil English, R-Pa.
Introduced: Jan. 8, 2003
Committee: House Ways and Means
Description: H.R. 267 would provide tax credits for companies making investments in high-speed Internet infrastructure. The bill mirrors a measure from the 107th Congress by the same number. It would offer a 10-percent tax credit for investments in current broadband infrastructure in rural and underserved areas, and a 20-percent tax credit for investments in advanced broadband systems made in those overlooked areas.
H.R. 286, Untitled
Sponsor: Rep. Amo Houghton, R-N.Y.
Introduced: Jan. 8, 2003
Committee: House Ways and Means
Description: H.R. 286 would amend the tax code in an effort to clarify that incentive stock options for employees are not subject to employment-tax withholding when the stock is purchased. The legislation is designed to eliminate any uncertainty about Congress' intent for such options in case the Internal Revenue Service decides to lift its moratorium on taxing them. A similar House bill, S. 206, was introduced.
H.R. 626, Ending the Double Standard for Stock Options Act
Sponsor: Rep. Fortney (Pete) Stark, D-Calif.
Introduced: Feb. 5, 2003
Committee: House Ways and Means
Description: H.R.626 would require companies that claim the cost of employee stock options as a tax deduction to also report the value of those options as expenses on company balance sheets. Many technology firms that use stock options as incentives to hire and retain workers oppose such legislation. A similar Senate bill, S. 182, was introduced.
H.R. 683, Untitled
Sponsor: Rep. Phil English, R-Pa.
Introduced: Feb. 11, 2003
Committee: House Ways and Means
Description: H.R. 683 would increase the tax write-off for company purchases of new technology and other equipment put into service between Jan. 1, 2003, and Jan. 1, 2006. The goal of the bill is to stimulate the economy by allowing firms to immediately deduct 100 percent of the value of new equipment from their tax liability, rather than the current 30 percent. A similar bill, H.R. 771, also was introduced.
H.R. 691, Untitled
Sponsor: Rep. Steve Israel, D-N.Y.
Introduced: Feb. 11, 2003
Committee: House Ways and Means
Description: H.R. 691 would allow corporations to deduct from their taxes the time they give to charities to perform computer-related services such as Internet design, multimedia preparation, and computer training, troubleshooting and repair. The bill would cap the deduction for those services at $65 an hour.
H.R. 768, Untitled
Sponsor: Rep. Phil English, R-Pa.
Introduced: Feb. 13, 2003
Committee: House Ways and Means
Description: H.R. 768 would create tax credits designed to foster the deployment of high-speed Internet access. The bill would provide a 10-percent tax credit for companies deploying such broadband services using current technologies in rural and underserved areas, and a 20-percent credit for companies building upgraded systems in those same areas. Bill sponsor Phil English, R-Pa., introduced a related measure, H.R. 769, the same day.
H.R. 769, Untitled
Sponsor: Rep. Phil English, R-Pa.
Introduced: Feb. 13, 2003
Committee: House Ways and Means
Description: H.R. 769 would allow companies that deploy high-speed Internet services to write the cost of those efforts off their tax liability. The costs of broadband equipment and installing it would qualify for the tax break, as long as they are incurred between Dec. 31, 2002, and Jan. 1, 2008. Bill sponsor Phil English, R-Pa., introduced a related measure, H.R. 768, the same day.
H.R. 771, Full Expensing for Economic Growth Act
Sponsor: Rep. Gerald Weller, R-Ill.
Introduced: Feb. 13, 2003
Committee: House Ways and Means
Description: H.R. 771 would increase the tax write-off for company purchases of new technology and other equipment. The goal of the bill is to stimulate the economy by allowing firms to deduct from their tax liability 100 percent of the value of new equipment over the first 18 months after they acquire it. The current depreciation rate is 30 percent. A similar bill, H.R. 683, was filed.
H.R. 945, Jurisdictional Certainty Over Digital Commerce Act
Sponsor: Rep. Cliff Stearns, R-Fla.
Introduced: Feb. 26, 2003
Committee: House Energy and Commerce; Judiciary
Description: H.R. 945 would exempt from sales taxes music, software and other intangible goods sold that are sold solely over the Internet. The bill would seek middle ground in the Internet tax debate -- between state officials who want to tap revenue from online sales and e-commerce companies that contend they could not comply with thousands of competing state and local sales-tax codes. Bill sponsor Cliff Stearns, R-Fla., said the sales that would be covered under his bill represent only 0.8 percent of e-commerce.
H.R. 1232, Technology Investment Incentive Act
Sponsor: Rep. David Dreier, R-Calif.
Introduced: March 12, 2003
Committee: House Ways and Means
Description: H.R. 1232 would allow companies to write off the costs of certain technology investments in the year they are purchased. The measure also would establish a three-year depreciation schedule for purchases of wireless telecommunications equipment, advanced services equipment and network equipment. And it would allow companies to write off the costs of software development and research and development over three years. The Association for Competitive Technology endorsed the bill.
H.R. 1259, Public Safety and Protection Investment Act
Sponsor: Rep. Gerald Weller, R-Ill.
Introduced: March 13, 2003
Committee: House Ways and Means
Description: H.R. 1259 would create a tax break for the cost of security devices. The benefit could be applied to computers and software designed to combat cyber terrorism, networking infrastructure, electronic alarm systems, electronic systems that control access to property and biometric verification system, among other things.
H.R. 1481, Internet Growth and Freedom Act
Sponsor: Rep. Zoe Lofgren, D-Calif.
Introduced: March 27, 2003
Committee: House Judiciary
Description: H.R. 1481 would extend the moratorium on Internet-related taxes for five years. The ban, which is set to expire in November 2003, applies to taxes on Internet access, taxes that discriminate against e-commerce and multiple taxes on, for example, telecommunications firms that provide Internet connections.
H.R. 1523, Collegiate Housing and Infrastructure Act
Sponsor: Rep. Paul Ryan, R-Wis.
Introduced: March 31, 2003
Committee: House Ways and Means
Description: H.R. 1523 would allow charitable organizations to make collegiate housing and infrastructure grants. Among other things, the grants could be applied toward computers and peripheral equipment, computer wiring and telephone service.
H.R. 1556, Corporate Accountability Tax Gap Act
Sponsor: Rep. Lloyd Doggett, D-Texas
Introduced: April 2, 2003
Committee: House Ways and Means
Description: H.R. 1556 would amend the tax code to require corporations to electronically file their tax returns and make that information available online within 30 days of the filing. The companies would have to enable people to search the data on corporate income taxes, taxable income and employee stock options, among other things.
H.R. 1557, IRS Refund Accessibility Act
Sponsor: Rep. Lloyd Doggett, D-Texas
Introduced: April 2, 2003
Committee: House Ways and Means
Description: H.R. 1557 would amend the tax code to let the Treasury secretary electronically contact people regarding their federal income-tax returns if they are due refunds.
H.R. 1769, Job Protection Act
Sponsor: Rep. Philip Crane, R-Ill.
Introduced: April 11, 2003
Committee: House Ways and Means
Description: H.R. 1769 aims to resolve the dispute between the United States and European Union over a U.S. tax break for entities once known as “foreign sales corporations.” The World Trade Organization ruled that the policy, designed to bolster U.S. exports, is an illegal trade subsidy. The bill would replace the tax break for those entities with a rate reduction for domestic manufacturers in the United States.
H.R. 1808, Remove Tax Barriers for Entrepreneurs Act
Sponsor: Rep. Thomas Reynolds, R-N.Y.
Introduced: April 11, 2003
Committee: House Ways and Means
Description: H.R 1808 would amend the tax code to provide a tax deduction for startup and organizational costs to encourage entrepreneurship.
H.R. 1927, Untitled
Sponsor: Rep. Kenny Hulshof, R-Mo.
Introduced: May 1, 2003
Committee: House Ways and Means
Description: H.R. 1927 would create a tax break for business purchases of wireless telecommunications equipment. The bill would include wireless equipment in the definition of "qualified technological equipment" that lets companies write the cost of such equipment off of their tax liability over five years. The tax break would apply to any equipment used to transmit, receive or coordinate wireless services but not to things like cellular telephone towers.
H.R. 2044, Telecommunications Ownership Diversification Act
Sponsor: Rep. Bobby Rush, D-Ill.
Introduced: May 9, 2003
Committee: House Ways and Means
Description: H.R. 2044 seeks to ensure that the ownership of telecommunications facilities remain open to small and “socially disadvantaged” businesses. Noting the ongoing convergence among broadcasters, cable companies and Internet-based businesses, the bill would create a tax break for sales of telecom facilities to small and socially disadvantaged firms. Under the measure, companies could defer capital-gains taxes on such sales.
H.R. 2184, Fairness and Accountability in International Taxation Act
Sponsor: Rep. Lloyd Doggett, D-Texas
Introduced: May 21, 2003
Committee: House Ways and Means
Description: H.R. 2184 seeks to prevent foreign companies from avoiding U.S. taxes and manipulating prices for their goods and services via offshore tax havens. The bill would not allow a foreign company to be eligible for a reduced tax rate on deductible foreign payments unless people in that country own a majority of the company.
H.R. 2448, Untitled
Sponsor: Rep. Gerald Weller, R-Ill.
Introduced: June 12, 2003
Committee: House Ways and Means
Description: H.R. 2448 would amend the tax code as it applies to how long companies can carry back net operating losses. The measure would extend the special five-year carry-back of some operating losses, allowing losses for 2003 to be taken until 2005. It aims to provide tax relief to entrepreneurs and business owners, including technology firms.
H.R. 2604, Untitled
Sponsor: Rep. Charles Rangel, D-N.Y.
Introduced: June 25, 2003
Committees: House Ways and Means; Small Business
Description: H.R. 2604 would create tax incentives to encourage ownership diversity in telecommunications firms. The incentives would go to people who have a majority ownership of 20 or fewer broadcast stations, whose net assets do not exceed $18 million and whose after-tax income for the previous two years does not exceed $6 million.
H.R. 2638, Small Business Expensing Permanency Act
Sponsor: Rep. Wally Herger, R-Calif.
Introduced: June 26, 2003
Committee: House Ways and Means
Description: H.R. 2638 would raise the limits for tax write-offs that small businesses could claim when they buy certain equipment. The bill would adjust the depreciation amounts for inflation. It also would raise the $25,000 limit to $100,000 for general expenses in tax years after 2002. The tax write-off helps technology businesses because it applies to purchases of computers and other equipment.
H.R.2836, Deadbeat Corporations Tax Accountability Act
Sponsor: Rep. Gregory Meeks, D-N.Y.
Introduced: July 23, 2003
Committee: House Ways and Means
Description: H.R. 2836 would amend the tax code to reduce corporate tax refunds by the amount of outstanding fines and penalties imposed by federal agencies because of improper accounting or reporting practices. The bill was introduced because of concerns about the amount of the settlement between the Securities and Exchange Commission and the MCI telecommunications firm, formerly known as WorldCom.
H.R.2855, Untitled
Sponsor: Rep. Gerald Weller, R-Ill.
Introduced: July 24, 2003
Committee: House Ways and Means
Description: H.R. 2855 would amend tax code to permanently extend the tax break for company purchases of technology and other equipment added to the 2001 tax-cut law. The measure also would repeal the termination dates for additional property purchased or under contract as of Sept 10, 2001, the day before the terrorist attacks in New York, Washington and Pennsylvania.
H.R.2895, Bonus Depreciation Extension Act
Sponsor: Rep. Joe Wilson, R-S.C.
Introduced: July 24, 2003
Committee: House Ways and Means
Description: H.R. 2895 would add two years to the current expiration dates for tax breaks on company purchases of technology and other new equipment. Instead of ending in 2005, the tax breaks would continue until 2007.
H.R. 2896, American Jobs Creation Act
Sponsor: Rep. Bill Thomas, R-Calif.
Introduced: July 25, 2003
Committee: House Ways and Means
Description: H.R. 2896 seeks to reform the corporate tax code while also repealing a tax break for technology companies and other U.S. exporters. The bill would repeal the break for entities once known as "foreign sales corporations" because the World Trade Organization ruled the tax break an illegal subsidy. Unless the old rules are repealed, U.S. exporters face retaliation in the form of tariffs by European countries. The measure marries that must-pass legislation with proposed corporate tax breaks, such as an extension of the research and development tax credit, a quicker tax write-off for company purchases of new equipment and benefits for companies that return foreign-earned revenue to the United States.
H.R. 2957, Untitled
Sponsor: Rep. Gary Miller, R-Calif.
Introduced: July 25, 2003
Committee: House Ways and Means
Description: H.R. 2957 would repeal a century-old federal excise tax on telephone and other communications services. Previous efforts to rescind the 3 percent tax -- imposed in 1898 to fund the Spanish-American War -- have been unsuccessful.
H.R. 3064, National Science Education Incentive Act
Sponsor: Rep. Vernon Ehlers, R-Mich.
Introduced: Sept. 10, 2003
Committee: House Ways and Means
Description: H.R. 3064 would amend the tax code to create a tax credit for full-time teachers of math, science, engineering or technology in elementary and secondary schools. Qualified teachers could claim a tax credit of up to $1,000 a year over 10 years. The maximum credit would equal 10 percent of the teachers’ undergraduate tuition. The measure also would allow taxpayers to deduct from their tax liability the value of property and services that they donate to schools for use in teaching math, science, engineering or technology.
H.R. 3184, Streamlined Sales and Use Tax Act
Sponsor: Rep. Ernest Istook, R-Okla.
Introduced: Sept. 25, 2003
Committee: House Judiciary
Description: H.R. 3184 would endorse the efforts by the Streamlined Sales Tax Project (SSTP) to simplify and harmonize state tax codes, and it would allow states that simplify their tax systems to mandate that Internet and catalog retailers collect taxes on sales. The bill would establish minimum requirements for simplified tax systems, including: a centralized, multistate registration process; uniform definitions of products; uniform rules for bad debts; an electronic system for filing and remitting taxes to the states; and a single, state-level administration of sales-tax policy.
H.R. 3220, Business Activity Tax Simplification Act
Sponsor: Rep. Bob Goodlatte, R-Va.
Introduced: Oct. 1, 2003
Committee: House Judiciary
Description: H.R. 3220 would set standards for taxing "business activity" by outlining when out-of-state business could be charged taxes for branches outside their home states. The goal of the bill is to ensure that businesses cannot be taxed merely because someone in a state can view its Web site. The measure seeks to prevent double taxation of companies and to establish a standard requiring only companies that benefit from services in a state to pay taxes.
H.R. 3562, Prevent Act
Sponsor: Rep. Bill Shuster, R-Pa.
Introduced: Nov. 20, 2003
Committee: House Ways and Means
Description: H.R. 3562 would grant a tax credit to businesses for security-related expenses. The expenses could include biometric identification systems, computers and software to combat cyber terrorism, and wireless emergency-response systems.
H.R. 3650, Tax Shelter Transparency and Enforcement Act
Sponsor: Rep. Rahm Emanuel, D-Ill.
Introduced: Nov. 25, 2003
Committee: House Ways and Means
Description: H.R. 3650 would amend the tax code to curtail the use of tax shelters and set penalties for failing to disclose tax events or for actions to avoid tax payment by use of offshore accounts or transactions. The measure would apply to individuals with net worth that exceeds $2 million at the time of the action or companies valued at more than $10 million. The bill also would raise the penalty imposed for failing to report required activity to regulatory agencies.
H.R. 3678, Untitled
Sponsor: Rep. Amo Houghton, R-N.Y.
Introduced: Dec. 8, 2003
Committee: House Ways and Means
Description: H.R. 3678 would amend the tax code to expand the work-opportunity tax credit to people in the Trade Adjustment Assistance program. The tax credit currently applies to nine targeted groups of job seekers whose hiring can bring employers reductions in federal income taxes by as much as $2,400 per worker. The bill would add a category for TAA workers, who are eligible for retraining courses and other benefits when lose jobs as the result of trade deals. Some people in the TAA program get training for high-tech assignments.

Senate

S. 2, Jobs and Growth Tax Act
Sponsor: Sen. Don Nickles, R-Okla.
Introduced: Feb. 27, 2003
Committee: Senate Finance
Description: S. 2 encompasses President Bush’s plan for tax cuts aimed at stimulating the economy. The bill would speed the tax cuts enacted in 2001 and make them permanent rather than having them expire in 2011. It also would eliminate the dividend tax and would up the amount small businesses could write off for purchases of new equipment from $25,000 to $75,000. A House companion measure, H.R. 2, also was introduced. The high bill numbers were reserved to signify that the legislation is a top priority of the Republican leadership.
S. 52, Internet Tax Nondiscrimination Act
Sponsor: Sen. Ron Wyden, D-Ore.
Introduced: Jan. 7, 2003
Committee: Senate Commerce, Science and Transportation
Description: S. 52 would permanently extend the moratorium against taxes on Internet access or taxes that would treat online transactions differently than those conducted by other means. The ban is set to expire in November. A House companion bill, H.R. 49, was introduced.
S. 150, Internet Tax Nondiscrimination Act
Sponsor: Sen. George Allen, R-Va.
Introduced: Jan. 13, 2003
Committee: Senate Commerce, Science and Transportation
Description: S. 150 would permanently prohibit new taxes on Internet access, including taxes on telecommunications or Internet services providers, by multiple jurisdictions -- namely states and localities. The bill also would end discriminatory taxes that "unfairly target" Internet transactions. The current moratorium on such taxes is set to expire Nov. 1. Related measures, H.R. 49 and S. 52, also were introduced.
S. 158, Small Business Expensing Improvement Act
Sponsor: Sen. Olympia Snowe, R-Maine
Introduced: Jan. 14, 2003
Committee: Senate Finance
Description: S.158 would increase to $75,000 the amount that small businesses may claim as tax write-off for purchases of new technology and other equipment. The maximum expense for 2003 is $25,000. A change in depreciation is one of several ideas being considered as Congress debates ways to stimulate the economy. A similar House bill, H.R. 223, was introduced.
S. 160, Untitled
Sponsor: Sen. Conrad Burns, R-Mont.
Introduced: Jan. 14, 2003
Committee: Senate Finance
Description: S.160 would accelerate the rate at which companies can claim tax deductions for investments in high-speed Internet infrastructure in rural areas. Under the bill, companies could immediately claim as a tax write-off 50 percent of their broadband expenses in qualified regions.
S. 181, Stock Option Accounting Review Act
Sponsor: Sen. Carl Levin, D-Mich.
Introduced: Jan. 16, 2003
Committee: Senate Banking, Housing and Urban Affairs
Description: S.181 is one of two bills that seek to ensure that companies never again inflate their income "with impunity," according to sponsor Carl Levin, D-Mich. The measure would direct the Financial Accounting Standards Board to review the current accounting treatment for employee stock options and, within one year, establish new standards. Current policy does not require companies to record such options as expenses. The other bill Levin authored is S. 182.
S. 182, Ending the Double Standard for Stock Options Act
Sponsor: Sen. Carl Levin, D-Mich.
Introduced: Jan. 16, 2003
Committee: Senate Finance
Description: S.182 would end the policy that allows companies to take a tax deduction for employee stock options unless they also record that compensation as a business expense on their financial statements. The bill is one of two designed to ensure that companies never again inflate their income "with impunity," according to sponsor Carl Levin, D-Mich. The other bill Levin authored is S. 181.
S. 206, Untitled
Sponsor: Sen. Pat Roberts, R-Kan.
Introduced: Jan. 23, 2003
Committee: Senate Finance
Description: S. 206 would amend the tax code in an effort to clarify that incentive stock options for employees are not subject to employment-tax withholding when the stock is purchased. The legislation is designed to eliminate any uncertainty about Congress' intent for such options in case the Internal Revenue Service decides to lift its moratorium on taxing them. A similar House bill, H.R. 286, was introduced.
S. 267, Telecommunications Ownership Diversity Act
Sponsor: Sen. John McCain, R-Ariz.
Introduced: Jan. 30, 2003
Committee: Senate Finance
Description: S. 267 seeks to ensure that minorities, women and other people currently underrepresented in telecommunications companies have a better chance of owning such firms. The bill would do so by creating targeted tax breaks for people who sell telecom assets to certain small businesses, such as a reduction in the tax on gains from investment in the companies.
S. 384, Corporate Patriot Enforcement Act
Sponsor: Sen. Harry Reid, D-Nev.
Introduced: Feb. 12, 2003
Committee: Senate Finance
Description: S. 384 seeks to prevent U.S. companies from creating “shell corporations” in tax havens like Bermuda and the Cayman Islands in order to avoid U.S. taxes. The bill would close a tax loophole that fosters a practice known as corporate expatriation, where firms, including some from Silicon Valley, establish headquarters outside the United States but keep all of their operations inside the country. Bill sponsor Harry Reid, D-Nev., said the practice costs billions of dollars. The Senate passed similar legislation during the 107th Congress, but the House did not.
S. 414, Economic Recovery Act
Sponsor: Sen. Thomas Daschle, D-S.D.
Introduced: Feb. 14, 2003
Committee: Not referred to committee
Description: S. 414 represents the Senate Democrats’ alternative to President Bush’s short-term plan to stimulate the economy with tax cuts, and it includes several provisions coveted by the high-tech industry. The bill would allow firms to claim as a tax deduction 50 percent of the value of new equipment purchased in 2003, rather than the current 30 percent. It also would triple the amount of investments that small businesses can write off their taxes in 2003, from $25,000 to $75,000, and would allow a 20-percent tax credit this year for companies that invest in high-speed Internet infrastructure in rural and underserved areas. The measure also includes $5 billion for towns to address homeland security issues.
S. 477, Preserving Prescription Drug Discounts Act
Sponsor: Sen. Russell Feingold, D-Wis.
Introduced: Feb. 27, 2003
Committee: Senate Finance
Description: S. 477 would deny tax breaks to drug companies that discriminate against Canadian pharmacies for selling discounted prescription drugs to Americans. Several major U.S. pharmaceutical companies last month pledged to stop supplying the drugs to Canadian online and mail-order pharmacies if they continue to sell the drugs at prices of up to 50 percent lower than the rates charged in the United States. The Canadian firms are able to offer lower prices because of healthcare regulations in their nation.
S. 503, Untitled
Sponsor: Sen. John Kerry, D-Mass.
Introduced: March 4, 2003
Committee: Senate Finance
Description: S. 503 would increase the minimum tax credit that employees could claim if they sell at a loss the incentive stock options provided by their employers.
S. 513, Corporate Tax Fairness and Shareholder Rights Act
Sponsor: Sen. Evan Bayh, D-Ind.
Introduced: March 4, 2003
Committee: Senate Finance
Description: S. 513 would prevent American companies from creating offshore postal accounts in order to claim that they are foreign based to avoid U.S. taxes. The bill would change what constitutes a U.S. company by linking it to the location of the company's shareholders rather than its postal address. In addition, companies looking to move offshore would have to give basic information to shareholders regarding the moves. The companies then would have to give the Securities and Exchange Commission lists of shareholders who approved the moves, and the lists would have to be made publicly available.
S. 596, Invest in the U.S.A. Act
Sponsor: Sen. John Ensign, R-Nev.
Introduced: March 11, 2003
Committee: Senate Finance
Description: S. 596 would cut taxes on U.S. firms' profits from overseas operations if the companies bring the money back into the United States to invest in the domestic economy. The bill would lower the effective corporate tax rate on foreign earnings to 5.25 percent for one year. The technology industry supports the measure and is working to have it added to broader legislation designed to stimulate the economy.
S. 664, Investment in America Act
Sponsor: Sen. Orrin Hatch, R-Utah
Introduced: March 19, 2003
Committee: Senate Judiciary
Description: S. 664 seeks to bolster the economy by permanently extending the tax credit for research and development. The credit is set to expire on June 30, 2004, and the technology industry pushed unsuccessfully to make it permanent as part of the 2001 tax cuts.
S. 697, Untitled
Sponsor: Sen. Orrin Hatch, R-Utah
Introduced: March 24, 2003
Committee: Senate Finance
Description: S. 697 would alter the tax treatment of employee stock options. The bill would exclude stock options and employee stock-purchase plans from the definition of wages for purposes of calculating employment taxes, including Social Security taxes, railroad retirement taxes and unemployment taxes. The exemption also would apply to wage withholding.
S.842, Affordable Small Business Stimulus and Simplification Act
Sponsor: Sen. John Kerry, D-Mass.
Introduced: April 9, 2003
Committee: Senate Finance
Description: S. 842 would increase the size of the tax write-off that small businesses could claim for purchases of new equipment. Under the bill, the new cap would be $35,000, and that would increase again to $40,000 in 2008. The businesses could claim the tax write-off for purchases of new computers over three years instead of five and for new software over two years instead of three. The measure also would grant such businesses a break from taxes on capital gains for new investments, including certain technologies.
S. 895, Untitled
Sponsor: Sen. Don Nickles, R-Okla.
Introduced: April 11, 2003
Committee: Senate Finance
Description: S. 895 would amend the tax code to clarify the rules governing the depreciation of wireless telecommunications equipment. A 1998 Internal Revenue Service memorandum said that wireless telecommunications services and traditional telephone assets are similar in terms of tax purposes and should be subject to the same tax breaks. The memo, however, did not make a distinction about equipment at cellular sites. The bill would classify such equipment as "qualified technological equipment" whose value could be claimed as a tax write-off over five years.
S. 905, Broadband Internet Access Act
Sponsor: Sen. John (Jay) Rockefeller, D-W.Va.
Introduced: April 11, 2003
Committee: Senate Finance
Description: S. 905 would provide a tax incentive to businesses that deploy high-speed Internet services to rural areas. Companies building the infrastructure for current broadband services could claim a 10-percent tax credit for the costs and a 20-percent credit for building the networks necessary for advanced broadband connections.
S. 1246, Collegiate Housing and Infrastructure Act
Sponsor: Sen. Pat Roberts, R-Kan.
Introduced: June 12, 2003
Committee: Senate Finance
Description: S. 1246 would amend the tax code so certain trusts and educational organizations could retain their status as tax-exempt charities when they make grants for collegiate housing and infrastructure. The grant money could be used for computers and related equipment, computer wiring and telephone service, among other things.
S. 1688, Securing American Factory Employment (SAFE) Act
Sponsor: Sen. John (Jay) Rockefeller, D-W.Va.
Introduced: Sept. 30, 2003
Committee: Senate Finance
Description: S. 1688 would give tax breaks to companies that locate and maintain factories in the United States and that cover the cost of providing healthcare benefits for retirees. Some technology companies have begun to move certain operations to other countries, so the bill could be an incentive for them to stay in the United States.
S. 1736, Streamlined Sales and Use Tax Act
Sponsor: Sen. Michael Enzi, R-Wyo.
Introduced: Oct. 14, 2003
Committee: Senate Finance
Description: S. 1736 would grant states the right to tax online sales. The measure calls for congressional approval of the Streamlined Sales Tax Project (SSTP), which was crafted by 34 states. The agreement stipulated that it would not take effect unless 10 states representing 20 percent of the population implement the plan to simplify their tax systems, and that goal has been exceeded. By endorsing the project, the bill would let states that are part of the SSTP require remote sellers, including e-commerce sites, to collect and remit sales and use taxes from out-of-state customers. Similar House legislation, H.R. 4184, was introduced.
S. 1885, Manufacturing Job Production Act
Sponsor: Sen. Thomas Daschle, D-S.D.
Introduced: Nov. 18, 2003
Committee: Senate Finance
Description: S. 1885 is one in a series of three bills aimed at helping small businesses and manufacturers. The measure would provide tax incentives for manufacturing businesses.
S. 1964, Manufacturing Opportunities to Revitalize Our Economy's JOBS Act (MORE JOBS) Act
Sponsor: Sen. Debbie Stabenow, D-Mich.
Introduced: Nov. 25, 2003
Committee: Senate Finance
Description: S. 1964 would amend the tax code to make it comply with a World Trade Organization ruling against a tax break for U.S. exporters once known as "foreign sales corporations." The legislation would repeal the tax breaks for exporters but also try to offset the impact of the change by giving manufacturers a credit to reduce the corporate tax rate by 3 percent for domestic manufacturing. Companies that have much of their manufacturing outside the United States would receive a reduced credit aimed at preserving U.S. manufacturing jobs.

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