Home > 106th Congressional Bills > H.R. 2837 (ih) To amend the Higher Education Act of 1965 to require institutions of higher education to widely distribute information describing their procedures for receiving and responding to complaints concerning harassment. [Introduced in House] %%Fil...

H.R. 2837 (ih) To amend the Higher Education Act of 1965 to require institutions of higher education to widely distribute information describing their procedures for receiving and responding to complaints concerning harassment. [Introduced in House] %%Fil...


Google
 
Web GovRecords.org








108th CONGRESS
  1st Session
                                H. R. 2836

To amend the Internal Revenue Code of 1986 to reduce corporate refunds 
  by fines and penalties imposed by reason of improper accounting or 
    reporting practices or misstatements of its financial position.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 23, 2003

Mr. Meeks of New York 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 reduce corporate refunds 
  by fines and penalties imposed by reason of improper accounting or 
    reporting practices or misstatements of its financial position.

    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 ``Deadbeat Corporations Tax 
Accountability Act of 2003''.

SEC. 2. REDUCTION OF CORPORATE REFUNDS BY FINES AND PENALTIES IMPOSED 
              BY REASON OF IMPROPER ACCOUNTING OR REPORTING PRACTICES 
              OR MISSTATEMENTS OF ITS FINANCIAL POSITION.

    (a) In General.--Section 6402 of the Internal Revenue Code of 1986 
(relating to authority to make credits or refunds) is amended by adding 
the following new subsection:
    ``(l) Reduction of Overpayment in Case of Overstated Taxable Income 
Due to Accounting Practices or Related Misstatement of Financial 
Position.--
            ``(1) In general.--Upon receiving notice from the 
        Securities and Exchange Commission that a corporation has not 
        paid the full amount of a fine or penalty either imposed by a 
        court of competent jurisdiction, or agreed to by the 
        corporation, with respect to--
                    ``(A) the corporation's accounting or reporting 
                practices, or
                    ``(B) a related misstatement of its financial 
                position,
        the Secretary shall reduce the amount of any overpayment to be 
        refunded to such corporation by such unpaid balance.
            ``(2) Priorities for offset.--Any overpayment by a 
        corporation shall be reduced pursuant to this subsection after 
        such overpayment is reduced pursuant to subsection (a) with 
        respect to any liability for any internal revenue tax on the 
        part of the person who made the overpayment, subsection (d) 
        with respect to any past-due, legally enforceable debt owed to 
        a Federal agency, subsection (e) with respect to past-due, 
        legally enforceable state income tax obligations, and before 
        such overpayment is credited to the future liability for any 
        Federal internal revenue tax of such person pursuant to 
        subsection (b).
            ``(3) Remittance of amount by which overpayment is 
        reduced.--The amount by which any overpayment is reduced under 
        paragraph (1) shall be remitted by the Secretary to any 
        disgorgement fund or account that has been established under 
        section 308 of Public Law 107-204, 116 stat. 745 (2002) with 
        respect to the corporation, or, if no such fund or account is 
        established, retained by the Secretary.
            ``(4) Notification.--The Securities and Exchange Commission 
        shall provide notice to the Secretary within 30 days after--
                    ``(A) court approval of any settlement providing 
                for less than full payment of a fine or penalty 
                described in paragraph (1), or
                    ``(B) the Commission determines that such fine or 
                penalty, or some portion thereof, has become past due, 
                whichever is earlier.
            ``(5) Tentative carryback adjustments.--If a tentative 
        refund or credit of tax under section 6411 has been issued with 
        respect to a corporation that has failed to fully pay a fine or 
        penalty described in paragraph (1), the amount of such unpaid 
        balance shall constitute an excessive allowance of a tentative 
        carryback adjustment that may be assessed as a deficiency in 
        the manner set forth in section 6213(b)(3) (relating to the 
        assessment of an excess tentative carryback or refund 
        adjustment as a mathematical or clerical error).
            ``(6) Remittance of recaptured tentative carryback 
        adjustment.--The amount of any tentative carryback adjustment 
        assessed and collected pursuant to paragraph (5) shall be 
        remitted or retained by the Secretary in accordance with 
        paragraph (3). The remittance of any such amount to a fund or 
        account described in paragraph (3) shall not result in an 
        unpaid tax liability of the corporation.
            ``(7) Coordination with title 11.--The Secretary shall take 
        such actions as may be necessary or appropriate to carry out 
        the purposes of this section where the corporation that has 
        failed to pay the full amount of a fine or penalty described in 
        paragraph (1) is a debtor in a case under title 11 of the 
        United States Code, including, but not limited to, the filing 
        of an administrative expense claim for any amount that 
        constitutes an excessive allowance of a tentative carryback 
        adjustment.''
    (b) Effective Date.--This section shall be effective for fines and 
penalties imposed or agreed to with respect to a corporation's 
accounting or reporting practices, or a related misstatement of its 
financial position, that are not fully paid on the date of introduction 
of this Act, and for all such fines and penalties that later become 
unpaid or past due.
                                 <all>

Pages: 1

Other Popular 106th Congressional Bills Documents:

1 S. 484 (rs) To provide for the granting of refugee status in the United States to [Reported in Senate] ...
2 H.R. 5049 (ih) To amend the Federal Water Pollution Control Act to increase efforts to prevent and reduce contamination of navigable waters by methyl tertiary butyl ether, tetrachloroethylene, and trichloroethylene, and for other purposes. [Introduced in...
3 H.R. 764 (eh) To reduce the incidence of child abuse and neglect, and for other purposes. [Engrossed in House] ...
4 H.R. 4941 (ih) To amend the Federal Power Act to provide for the reliability of the electric power transmission system in the United States, and for other purposes. [Introduced in House] ...
5 H.R. 4656 (enr) To authorize the Forest Service to convey certain lands in the Lake Tahoe Basin to the Washoe County School District for use as an elementary school site. [Enrolled bill] ...
6 S.Con.Res. 13 (is) Authorizing the use of the Capitol Grounds for the opening ceremonies of Sunrayce 99. [Introduced in Senate] ...
7 S.Res. 11 (ats) Authorizing the taking of a photograph in the Chamber of the United States Senate. [Agreed to Senate] ...
8 S. 624 (es) To authorize construction of the Fort Peck Reservation Rural Water System in the State of Montana, and for other purposes. [Engrossed in Senate] ...
9 H.R. 199 (ih) To protect children and other vulnerable subpopulations from exposure to certain environmental pollutants, and for other purposes. [Introduced in House] ...
10 H.R. 1565 (rh) To amend the Trademark Act of 1946 relating to dilution of famous marks, and for other purposes. [Reported in House] ...
11 S. 1814 (is) To establish a system of registries of temporary agricultural workers [Introduced in Senate] ...
12 S. 2917 (rfh) To settle the land claims of the Pueblo of Santo Domingo. [Referred in House] ...
13 S. 411 (is) To provide for a process to authorize the use of clone pagers, and for other purposes. [Introduced in Senate] ...
14 H.R. 3650 (ih) To amend the Immigration and Nationality Act to provide a mechanism for United States citizens and lawful permanent residents to sponsor their permanent partners for residence in the United States, and for other purposes. [Introduced in Hou...
15 H.R. 5111 (ih) To direct the Administrator of the Federal Aviation Administration to treat certain property boundaries as the boundaries of the Lawrence County Airport, Courtland, Alabama, and for other purposes. [Introduced in House] ...
16 S. 1425 (is) To amend the Internal Revenue Code of 1986 to provide a 10 percent biotechnology investment tax credit and to reauthorize the Research and Development tax credit for ten years. [Introduced in Senate] ...
17 H.R. 4690 (rs) Making appropriations for the Departments of Commerce, Justice, and State, the Judiciary, and related agencies for the fiscal year ending September 30, 2001, and for other purposes. [Reported in Senate] ...
18 H.R. 4932 (ih) To amend titles XIX and XXI of the Social Security Act to expand access of children to health care. [Introduced in House] ...
19 H.R. 2952 (enr) To redesignate the facility of the United States Postal Service located at 100 Orchard Park Drive in Greenville, South Carolina, as the ``Keith D. Oglesby Station''. [Enrolled bill] ...
20 H.R. 4679 (ih) To reauthorize appropriations from the Violent Crime Reduction Trust Fund for the State Criminal Alien Assistance Program. [Introduced in House] ...
21 H.R. 1673 (ih) To provide bonus funds to local educational agencies that adopt a policy to end social promotion. [Introduced in House] ...
22 H.R. 5434 (ih) To amend title XVIII of the Social Security Act to eliminate discriminatory copayment rates for outpatient psychiatric services under the Medicare Program. [Introduced in House] ...
23 H.R. 4392 (rh) To authorize appropriations for fiscal year 2001 for intelligence and intelligence-related activities of the United States Government, the Community Management Account, and the Central Intelligence Agency Retirement and Disability System, a...
24 H.R. 1715 (eh) To extend and reauthorize the Defense Production Act of 1950. [Engrossed in House] ...
25 S. 1139 (is) To amend title 49, United States Code, relating to civil penalties for unruly passengers of air carriers and to provide for the protection of employees providing air safety information, and for other purposes. [Introduced in Senate] %%Filenam...
26 H.Res. 474 (eh) [Engrossed in House] ...
27 H.R. 5451 (ih) For the relief of Marleen R. Delay. [Introduced in House] ...
28 S. 3151 (is) To provide for the abatement of noise and other adverse effects of idling train engines, and for other purposes. [Introduced in Senate] ...
29 H.R. 209 (enr) To improve the ability of Federal agencies to license federally owned inventions. [Enrolled bill] ...
30 H.Con.Res. 105 (enr) [Enrolled bill] ...


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