US Congress House Bill 699 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 21-0)
Status: Introduced on February 14 2013 - 25% progression, died in committee
Action: 2013-03-01 - Referred to the Subcommittee on General Farm Commodities and Risk Management.
Pending: House Subcommittee on General Farm Commodities and Risk Management Committee
Text: Latest bill text (Introduced) [PDF]

Stop the Sequester Job Loss Now Act - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to repeal the FY2013 sequester and reduce the FY2014 sequester. Eliminates the 2% maximum permissible reduction in budget authority for veterans' medical care. Extends through FY2014 agricultural commodity programs generally under the Food, Conservation, and Energy Act of 2008, but not the direct payment programs for wheat, corn, grain sorghum, barley, oats, upland cotton, long and medium grain rice, soybeans, other oilseeds, and peanuts. Amends the Internal Revenue Code, with respect to deductions from income, to set a special rule that a major integrated oil company's domestic production gross receipts shall not include any gross receipts from the production, refining, processing, transportation, or distribution of oil, natural gas, or any of their primary products. Prohibits a major integrated oil company from using the last-in, first-out (LIFO) accounting method in inventorying goods. Prescribes a special rule to limit the foreign tax credit and tax deferrals for amounts paid or accrued by a major integrated oil company that is a dual capacity taxpayer (a person subject to a levy of a foreign country or U.S. possession and receives, or will receive, directly or indirectly a specific economic benefit from such county or possession). Requires an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum (fair share) tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year. Declares that it is the sense of the House that Congress should replace the entire 10-year sequester established by the Budget Control Act of 2011 with a balanced approach that would: (1) increase revenues without increasing the tax burden on middle-income Americans; and (2) decrease long-term spending while maintaining the Medicare guarantee, protecting Social Security and a strong social safety net, and making strategic investments in education, science, research, and critical infrastructure necessary to compete in the global economy.

Stop the Sequester Job Loss Now Act

Sen. Chris Van Hollen [D-MD]	Rep. Robert Brady [D-PA]	Rep. Kathy Castor [D-FL]	Rep. David Cicilline [D-RI]
Rep. Rosa DeLauro [D-CT]	Rep. Elizabeth Esty [D-CT]	Rep. Rush Holt [D-NJ]	Rep. Steny Hoyer [D-MD]
Rep. Jared Huffman [D-CA]	Rep. Henry Johnson [D-GA]	Rep. William Keating [D-MA]	Rep. Daniel Kildee [D-MI]
Rep. James Langevin [D-RI]	Rep. George Miller [D-CA]	Rep. Gwen Moore [D-WI]	Rep. James Moran [D-VA]
Rep. Mark Pocan [D-WI]	Rep. Carol Shea-Porter [D-NH]	Rep. Eric Swalwell [D-CA]	Rep. John Tierney [D-MA]
Rep. Niki Tsongas [D-MA]

Date	Chamber	Action
2013-03-01	House	Referred to the Subcommittee on General Farm Commodities and Risk Management.
2013-02-14	House	Referred to House Agriculture
2013-02-14	House	Referred to House Budget
2013-02-14	House	Referred to House Ways and Means
2013-02-14	House	Referred to the Committee on Ways and Means, and in addition to the Committees on the Budget, and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

SB277 (Related) 2013-02-11 - Read twice and referred to the Committee on Finance.
SB278 (Related) 2013-02-11 - Read twice and referred to the Committee on Finance.
SB321 (Related) 2013-02-13 - Read twice and referred to the Committee on Finance.
HB348 (Related) 2013-01-22 - Referred to the House Committee on Ways and Means.
HB766 (Related) 2013-02-15 - Referred to the House Committee on Ways and Means.
HB1295 (Related) 2013-03-20 - Referred to the House Committee on Ways and Means.
HB2060 (Related) 2013-05-20 - Referred to House Agriculture
HB2956 (Related) 2013-08-09 - Referred to the Subcommittee on Energy and Mineral Resources.
SB2789 (Related) 2014-09-10 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/699/all-info
Text	https://www.congress.gov/113/bills/hr699/BILLS-113hr699ih.pdf