Home > 106th Congressional Bills > H.R. 1790 (ih) To provide for public disclosure of accidental release scenario information in risk management plans, and for other purposes. [Introduced in House] ...

H.R. 1790 (ih) To provide for public disclosure of accidental release scenario information in risk management plans, and for other purposes. [Introduced in House] ...


Google
 
Web GovRecords.org








108th CONGRESS
  1st Session
                                H. R. 178

   To amend the Internal Revenue Code of 1986 to give a deduction to 
  corporations for dividends paid and to exclude dividends from gross 
                                income.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 7, 2003

Mr. Ryan of Wisconsin introduced the following bill; which was referred 
                   to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to give a deduction to 
  corporations for dividends paid and to exclude dividends from gross 
                                income.

    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 ``Double Taxation Elimination and 
Economic Growth Act of 2003''.

SEC. 2. DEDUCTION FOR DIVIDENDS PAID.

    (a) In General.--Part VIII of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 (relating to special deductions for 
corporations) is amended by adding at the end the following new 
section:

``SEC. 250. DIVIDENDS PAID BY CORPORATIONS.

    ``(a) In General.--In the case of a domestic corporation, there 
shall be allowed as a deduction for the taxable year an amount equal to 
the amount of dividends paid during the taxable year.
    ``(b) Exceptions.--Subsection (a) shall not apply to--
            ``(1) any dividend from--
                    ``(A) a regulated investment company,
                    ``(B) a real estate investment trust, or
                    ``(C) an S corporation,
            ``(2) any dividend of a corporation which for the taxable 
        year of the corporation in which the distribution is made is a 
        corporation exempt from tax under section 521 (relating to 
        farmers' cooperative associations), and
            ``(3) any dividend described in section 404(k).
    ``(c) Disallowance of Dividends Received Deduction.--In the case of 
the deduction allowed by subsection (a) with respect to any dividend, 
no deduction shall be allowed under any other provision of this part 
with respect to such dividend.''.
    (b) Clerical Amendment.--The table of sections for part VIII of 
subchapter B of chapter 1 of such Code is amended by adding at the end 
the following new item:

                              ``Sec. 250. Dividends paid by 
                                        corporations.''.
     (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2002.

SEC. 3. DIVIDENDS RECEIVED BY INDIVIDUALS TAXED AT CAPITAL GAIN RATES.

    (a) In General.--Subsection (h) of section 1 of the Internal 
Revenue Code of 1986 (relating to maximum capital gains rate) is 
amended by adding at the end the following new paragraph:
            ``(13) Dividends taxed as net capital gain.--
                    ``(A) In general.--For purposes of this subsection, 
                the term `net capital gain' means net capital gain 
                (determined without regard to this paragraph) increased 
                by qualified dividend income.
                    ``(B) Qualified dividend income.--For purposes of 
                this paragraph, the term `qualified dividend income' 
                means dividends received from domestic corporations 
                during the taxable year other than--
                            ``(i) any dividend from a corporation which 
                        for the taxable year of the corporation in 
                        which the distribution is made, or the 
                        preceding taxable year, is a corporation exempt 
                        from tax under section 501 or 521,
                            ``(ii) any dividend from a real estate 
                        investment trust which, for the taxable year in 
                        which the dividend is paid, qualified under 
                        part II of subchapter M,
                            ``(iii) any amount allowed as a deduction 
                        under section 591 (relating to deduction for 
                        dividends paid by mutual savings banks, etc.),
                            ``(iv) any dividend described in section 
                        404(k),
                            ``(v) any dividend on any share of stock 
                        with respect to which the holding period 
                        requirements of section 246(c) are not met, and
                            ``(vi) any dividend which the taxpayer 
                        takes into account as investment income under 
                        section 163(d)(4)(B).
                    ``(C) Special rule for nonresident aliens.--In the 
                case of a nonresident alien individual, subparagraph 
                (A) shall apply only--
                            ``(i) in determining the tax imposed for 
                        the taxable year pursuant to section 871(b) and 
                        only in respect of dividends which are 
                        effectively connected with the conduct of a 
                        trade or business within the United States, and
                            ``(ii) in determining the tax imposed for 
                        the taxable year pursuant to section 877.
                    ``(D) Treatment of dividends from regulated 
                investment companies.--

                                ``For treatment of dividends from 
regulated investment companies, see section 854.''.
    (b) Treatment of Dividends From Regulated Investment Companies.--
            (1) Subsection (a) of section 854 of such Code is amended 
        by inserting ``section 1(h)(13) (relating to maximum rate of 
        tax on dividends) and'' after ``For purposes of''.
            (2) Paragraph (1) of section 854(b) of such Code is amended 
        by redesignating subparagraph (B) as subparagraph (C) and by 
        inserting after subparagraph (A) the following new 
        subparagraph:
                    ``(B) Maximum rate under section 1(h).--
                            ``(i) In general.--If the aggregate 
                        dividends received by a regulated investment 
                        company during any taxable year are less than 
                        95 percent of its gross income, then, in 
                        computing the maximum rate under section 
                        1(h)(13), rules similar to the rules of 
                        subparagraph (A) shall apply.
                            ``(ii) Gross income.--For purposes of 
                        clause (i), in the case of 1 or more sales or 
                        other dispositions of stock or securities, the 
                        term `gross income' includes only the excess 
                        of--
                                    ``(I) the net short-term capital 
                                gain from such sales or dispositions, 
                                over
                                    ``(II) the net long-term capital 
                                loss from such sales or 
                                dispositions.''.
            (3) Subparagraph (C) of section 854(b)(1) of such Code, as 
        redesignated by paragraph (2), is amended by striking 
        ``subparagraph (A)'' and inserting ``subparagraph (A) or (B)''.
            (4) Paragraph (2) of section 854(b) of such Code is amended 
        by inserting ``the maximum rate under section 1(h)(13) and'' 
        after ``for purposes of''.
    (c) Exclusion of Dividends From Investment Income.--Subparagraph 
(B) of section 163(d)(4) of such Code is amended by adding at the end 
the following flush sentence:
                ``Such term shall include qualified dividend income (as 
                defined in section 1(h)(13)(B)) only to the extent the 
                taxpayer elects to treat such income as investment 
                income for purposes of this subsection.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2002.
                                 <all>

Pages: 1

Other Popular 106th Congressional Bills Documents:

1 H.R. 4425 (eh) Making appropriations for military construction, family housing, and base realignment and closure for the Department of Defense for the fiscal year ending September 30, 2001, and for other purposes. [Engrossed in House] ...
2 H.R. 4386 (eh) To amend title XIX of the Social Security Act to provide medical [Engrossed in House] ...
3 H.R. 3244 (eh) To combat trafficking of persons, especially into the sex trade, [Engrossed in House] ...
4 S. 2485 (is) To direct the Secretary of the Interior to provide assistance in planning and constructing a regional heritage center in Calais, Maine. [Introduced in Senate] ...
5 H.R. 4982 (ih) To prohibit the unauthorized destruction, modification, or alteration of product batch codes to protect consumer health and safety and assist with law enforcement efforts, and for other purposes. [Introduced in House] ...
6 S. 1946 (rs) To amend the National Environmental Education Act to redesignate that Act as the ``John H. Chafee Environmental Education Act'', to establish the John H. Chafee Memorial Fellowship Program, to extend the programs under that Act, and for other...
7 S. 624 (is) To authorize construction of the Fort Peck Reservation Rural Water System in the State of Montana, and for other purposes. [Introduced in Senate] ...
8 H.R. 1874 (ih) To amend the Internal Revenue Code of 1986 to increase the maximum [Introduced in House] ...
9 H.R. 3257 (eh) To amend the Congressional Budget Act of 1974 to assist the Congressional Budget Office with the scoring of State and local mandates. [Engrossed in House] ...
10 H.R. 775 (eas) [Engrossed Amendment Senate] ...
11 S.Con.Res. 141 (rfh) To authorize the printing of copies of the publication entitled ``The United States Capitol'' as a Senate document. [Referred in House] ...
12 H.Con.Res. 406 (ih) Expressing the sense of the Congress that Federal land management agencies should immediately enact a cohesive strategy to reduce the overabundance of forest fuels which places national resources at high risk of catastrophic wildfire....
13 H.R. 4975 (eh) To designate the post office and courthouse located at 2 Federal Square, Newark, New Jersey, as the ``Frank R. Lautenberg Post Office and Courthouse''. [Engrossed in House] ...
14 S. 850 (is) To make schools safer by waiving the local matching requirement under the Community Policing program for the placement of law enforcement officers in local schools. [Introduced in Senate] ...
15 S. 2963 (is) To amend title XIX of the Social Security Act to require the Secretary of Health and Human Services to make publicly available medicaid drug pricing information. [Introduced in Senate] ...
16 S. 2711 (is) To authorize the Administrator of the Environmental Protection Agency to make grants to the Florida Keys Aqueduct Authority and other appropriate agencies for the purpose of improving water quality throughout the marine ecosystem of the Flori...
17 H.R. 576 (ih) To amend title 4, United States Code, to add the Martin Luther King, Jr. holiday to the list of days on which the flag should especially be displayed. [Introduced in House] ...
18 H.R. 4904 (rh) To express the policy of the United States regarding the United States relationship with Native Hawaiians, and for other purposes. [Reported in House] ...
19 S. 1119 (rs) To amend the Act of August 9, 1950, to continue funding of the Coastal Wetlands Planning, Protection and Restoration Act. [Reported in Senate] ...
20 H.R. 3189 (enr) To designate the United States post office located at 14071 Peyton Drive in Chino Hills, California, as the ``Joseph Ileto Post Office''. [Enrolled bill] ...
21 H.R. 2303 (enr) To direct the Librarian of Congress to prepare the history of the House of Representatives, and for other purposes. [Enrolled bill] ...
22 S. 1418 (es) To provide for the holding of court at Natchez, Mississippi, in the same manner as court is held at Vicksburg, Mississippi, and for other purposes. [Engrossed in Senate] ...
23 H.R. 4836 (ih) To provide for the application of certain measures to the People's Republic of China in response to the illegal sale, transfer, or misuse of certain controlled goods, services, or technology, and for other purposes. [Introduced in House] %%...
24 S.Con.Res. 80 (es) [Engrossed in Senate] ...
25 H.R. 5088 (ih) To amend title XVIII of the Social Security Act to ensure the adequacy of Medicare payment for digital mammography. [Introduced in House] ...
26 H.R. 3293 (ih) To amend the law that authorized the Vietnam Veterans Memorial to authorize the placement within the site of the memorial of a plaque to honor those Vietnam veterans who died after their service in the Vietnam war, but as a direct result of...
27 S. 2289 (rs) For the relief of Jose Guadalupe Tellez Pinales. [Reported in Senate] ...
28 S. 499 (is) To establish a congressional commemorative medal for organ donors and their families. [Introduced in Senate] ...
29 H.R. 3909 (eh) To designate the facility of the United States Postal Service located at 4601 South Cottage Grove Avenue in Chicago, Illinois, as the ``Henry W. McGee Post Office Building''. [Engrossed in House] ...
30 S. 366 (rs) To amend the National Trails System Act to designate El Camino Real de Tierra Adentro as a National Historic Trail. [Reported in Senate] ...


Other Documents:

106th Congressional Bills Records and Documents

GovRecords.org presents information on various agencies of the United States Government. Even though all information is believed to be credible and accurate, no guarantees are made on the complete accuracy of our government records archive. Care should be taken to verify the information presented by responsible parties. Please see our reference page for congressional, presidential, and judicial branch contact information. GovRecords.org values visitor privacy. Please see the privacy page for more information.
House Rules:

104th House Rules
105th House Rules
106th House Rules

Congressional Bills:

104th Congressional Bills
105th Congressional Bills
106th Congressional Bills
107th Congressional Bills
108th Congressional Bills

Supreme Court Decisions

Supreme Court Decisions

Additional

1995 Privacy Act Documents
1997 Privacy Act Documents
1994 Unified Agenda
2004 Unified Agenda

Congressional Documents:

104th Congressional Documents
105th Congressional Documents
106th Congressional Documents
107th Congressional Documents
108th Congressional Documents

Congressional Directory:

105th Congressional Directory
106th Congressional Directory
107th Congressional Directory
108th Congressional Directory

Public Laws:

104th Congressional Public Laws
105th Congressional Public Laws
106th Congressional Public Laws
107th Congressional Public Laws
108th Congressional Public Laws

Presidential Records

1994 Presidential Documents
1995 Presidential Documents
1996 Presidential Documents
1997 Presidential Documents
1998 Presidential Documents
1999 Presidential Documents
2000 Presidential Documents
2001 Presidential Documents
2002 Presidential Documents
2003 Presidential Documents
2004 Presidential Documents

Home Executive Judicial Legislative Additional Reference About Privacy