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HR 9 Small Business Job Creation Act
Topic Started: 8 Jul 2013, 02:55 PM (601 Views)
Daniel Hernandez
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Wielder of the Gavel
48 hours for voting.

Quote:
 
Mr. Hernandez, for himself and others, and with thanks to Mr. Casey in the Senate, proposes the following.

A BILL

To amend the Internal Revenue Code of 1986 to provide a credit for increasing payroll.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Small Business Job Creation Act'.

SEC. 2. EMPLOYER PAYROLL INCREASE CREDIT.

(a) In General- Subchapter B of chapter 65 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:

`SEC. 6433. EMPLOYER PAYROLL INCREASE CREDITS.

`(a) In General- Each qualified employer shall be treated as having made a payment against the tax imposed by section 3111(a) or section 3221(a), whichever is applicable, for each qualified quarter in an amount equal to the credit amount.
`(b) Credit Amount- For purposes of this section, the credit amount with respect to any qualified quarter is equal to 10 percent of the qualified payroll increase of such employer for such qualified quarter.
`(c) Dollar Limitation- The total credit amount with respect to any employer shall not exceed $500,000 for all qualified quarters.
`(d) Qualified Employer- For purposes of this section, the term `qualified employer' means any American employer other than the United States, any State, or any instrumentality thereof.
`(e) Qualified Payroll Increase- For purposes of this section--
`(1) IN GENERAL- The term `qualified payroll increase' with respect to any qualified quarter means the amount, if any, by which a qualified employer's qualified payroll for such quarter exceeds the qualified payroll for such quarter of the calendar year preceding the year in which such qualified quarter falls.
`(2) QUALIFIED PAYROLL- The term `qualified payroll' means the amount of all wages (within the meaning of section 3121(a)) paid or incurred by a qualified employer to the employees of such employer, except that, with respect to each such employee for any quarter of the employer, such wages shall be taken into account only to the extent that such wages do not exceed the contribution and benefit base as determined under section 230 of the Social Security Act.
`(3) RAILWAY LABOR- In the case of remuneration subject to the tax imposed by section 3221(a), paragraph (1) shall be applied by substituting `all compensation (within the meaning of section 3231(e))' for `all wages (within the meaning of section 3121(a))'.
`(4) SPECIAL RULE FOR LARGE EMPLOYERS- In the case of an employer that employs 100 or more employees during the qualified quarter, no qualified payroll increase shall be taken into account for such qualified quarter unless the qualified payroll increase with respect to such qualified quarter exceeds 3 percent of the qualified payroll for such quarter of the calendar year preceding the year in which such qualified quarter falls.
`(f) Qualified Quarter- For purposes of this section, the term `qualified quarter' means--
`(1) the calendar quarter which includes the date of the enactment of the Small Business Job Creation Act, and
`(2) each of the 3 calendar quarters following such quarter.
`(g) Definitions- Except as provided in subsection (h)(1), any term used in this section which is also used in section 3111 has the same meaning as when used in such section.
`(h) Special Rules- For purposes of this section--
`(1) EMPLOYEE- The term `employee' includes only individuals who are citizens or lawful residents of the United States who receive wages, remuneration, compensation, or tips from an employer for work performed within a State or a possession of the United States.
`(2) MAINTENANCE OF BASE EMPLOYMENT REQUIREMENT- This section shall not apply to any qualified employer for any qualified quarter if the total number of employees of such employer during such quarter is less than the total number of such employees during the quarter preceding such quarter, determined by not taking into account any employee who is a seasonal employee during such preceding quarter.
`(3) CONTROLLED GROUPS- All employers treated as a single employer under section (a) or (b) of section 52 shall be treated as a single employer for purposes of the dollar limitation under subsection (c), except that any employer which is not an American employer shall not be taken into account.
`(4) NEW EMPLOYERS-
`(A) IN GENERAL- In the case of a qualified employer which comes into existence after the date of the enactment of the Small Business Job Creation Act and before January 1, 2014--
`(i) the term `qualified quarter' means--
`(I) the first calendar quarter for which such qualified employer is in existence, and
`(II) each of the 3 quarters following such quarter,
`(ii) the qualified payroll increase of such employer for the quarter described in clause (i)(I) shall be equal to the amount of the employer's qualified payroll for such quarter, and
`(iii) the qualified payroll increase of such employer for any quarter described in clause (i)(II) shall be the amount, if any, by which the employer's qualified payroll for such quarter exceeds the qualified payroll of the quarter preceding such quarter.
`(B) TRANSITION RULE-
`(i) IN GENERAL- In the case of a qualified employer which comes into existence--
`(I) after the last day of the calendar quarter which is 5 calendar quarters before the date of the enactment of the Small Business Job Creation Act, and
`(II) before such date of enactment,
the qualified payroll increase of such employer for any transition quarter shall be the amount, if any, by which the employer's qualified payroll for such quarter exceeds the qualified payroll of the quarter preceding such quarter.
`(ii) TRANSITION QUARTER- For purposes of clause (i), the term `transition quarter' means a qualified quarter with respect to which the qualified payroll increase cannot be determined under subsection (e)(1) solely because the employer was not in existence during such quarter of the calendar year preceding the year in which such qualified quarter falls.'.
(b) Clerical Amendment- The table of sections for subchapter B of chapter 65 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item:
`Sec. 6433. Employer payroll increase credits.'.
(c) Notification- Not later than 30 days after the date of the enactment of this Act, the Commissioner of Internal Revenue shall notify all employers required to withhold employment taxes under chapter 21 or 22 of the Internal Revenue Code of 1986 of the enactment and applicability of section 6433 of the Internal Revenue Code of 1986, as added by this Act.
(d) Investigation and Report on Enforcement Actions- Not later than 6 months after the date of the enactment of this Act, and quarterly thereafter, the Commissioner of Internal Revenue shall submit a report to the Committee on Finance of the Senate and the Committee on Ways and Means of the House of Representatives on the enforcement measures taken to prevent and penalize fraud related to section 6433 of the Internal Revenue Code of 1986, including such information as--
(1) general statistics related to the application of such section,
(2) cases of fraud, and
(3) the status of investigatory and prosecutorial actions related to such cases.
(e) Effective Date- The amendments made by subsections (a) and (b) shall apply to calendar quarters beginning with the calendar quarter which includes the date of the enactment of this Act.n

PLAIN ENGLISH SUMMARY:
- Amends the Internal Revenue Code to allow an employer a credit against payroll tax liability equal to 10% of the increase of such employer's payroll in a calendar quarter over a corresponding quarter in the previous calendar year.
- Limits the total credit amount available for all quarters to $500,000.
- Denies such credit to any employer with 100 or more employees unless such employer shows an increase in payroll exceeding 3% in a calendar quarter.
- Directs the Commissioner of Internal Revenue to: (1) notify all employers required to withhold employment taxes of the enactment and applicability of this Act, and (2) report to Congress on enforcement measures taken to prevent and penalize fraud related to the payroll tax credit allowed by this Act.
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Richard Williams
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Palmetto Power!
AYE.
(MAW)
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Josh Edwards
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Aye
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Starnes
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Warden of the North
Aye
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Brushbeck
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Founder and president of the Whoppers and Cuba Libres Party.
Tim Redstaff, R-Montana:

Aye
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Anthony Granata
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Aye
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Joe Swartz
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AYE
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Brewer
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The GOP's Favorite Leech
Aye
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Bui
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Homesick
Aye
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Abomination
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Aye
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reddy
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Aye
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Marcus Tompkins

YEA
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Call
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I like potatos
Aye
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Oscar A. Johnson
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Mav'rick Tea Party-er
Nay
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Tilsley
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I'm Kind Of A Big Deal
Aye
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Anthony Rifenburg
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A Personal Campaign Machine - The Frank Underwood of VUSA
Aye
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Jack Bentley
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Aye
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Joe Swartz
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HR 9, The Small Business Job Creation Act vote has ended.

Ayes: 416
Nays: 19
Abstain: 0

The Ayes have it, this legislation will be passed along to the Senate.

*gavel*
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